%0 Generic
%A Leuermann, Andrea
%A Roth, Benjamin
%D 2012
%F heidok:13631
%K Risk Preferences , Financial Advice , Artefactual Field Experiment , Behavioral Finance
%R 10.11588/heidok.00013631
%T Does good advice come cheap? - On the assessment of risk preferences in the lab and the field
%U https://archiv.ub.uni-heidelberg.de/volltextserver/13631/
%X Advice is important for decision making, especially in the  financial sector. We investigate how individuals assess risk preferences of others given sociodemographic information or pictures. Both non-professionals and fi nancial professionals participate in this artefactual  field experiment. Subjects mainly rely on the other's self-assessment of risk preferences and on gender when forming the belief about someone else's risk preferences. On average, subjects consider themselves to be more risk-tolerant than the person they evaluate. Subjects use their own risk attitude as a reference point for predicting others' risk preferences. This false consensus eff ect is less pronounced for young professionals than for senior and non-professionals. Furthermore, financial professionals predict risk preferences more accurately compared to non-professionals.