eprintid: 13631
rev_number: 5
eprint_status: archive
userid: 1
dir: disk0/00/01/36/31
datestamp: 2012-08-03 14:14:09
lastmod: 2015-04-25 06:09:13
status_changed: 2012-08-15 09:07:00
type: workingPaper
metadata_visibility: show
creators_name: Leuermann, Andrea
creators_name: Roth, Benjamin
title: Does good advice come cheap? - On the assessment of risk preferences in the lab and the field
ispublished: pub
subjects: 330
divisions: 181000
keywords: Risk Preferences , Financial Advice , Artefactual Field Experiment , Behavioral Finance
abstract: 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.
abstract_translated_lang: eng
class_scheme: jel
class_labels: G02, D81, C91
date: 2012
date_type: published
id_scheme: DOI
id_number: 10.11588/heidok.00013631
schriftenreihe_cluster_id: sr-3
schriftenreihe_order: 0534
ppn_swb: 1651644608
own_urn: urn:nbn:de:bsz:16-opus-136310
language: eng
bibsort: LEUERMANNADOESGOODAD2012
full_text_status: public
citation:   Leuermann, Andrea ; Roth, Benjamin  (2012) Does good advice come cheap? - On the assessment of risk preferences in the lab and the field.  [Working paper]     
document_url: https://archiv.ub.uni-heidelberg.de/volltextserver/13631/1/Leuermann_Roth_2012_dp534.pdf