2022
DOI: 10.1108/jrf-11-2021-0176
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Personal characteristics and risk tolerance in a natural experiment

Abstract: PurposeThis paper examines students' decisions when playing an in-class version of the TV game, Deal or No Deal (DOND), to study the relation between personal characteristics and individual decision-making under risk.Design/methodology/approachThis study analyzes DOND game play data collected from 374 students in 13 university finance classes, and their personal characteristics collected in a post-game survey. It uses ordered probit, OLS and probit regression analysis to examine the impact of personal characte… Show more

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Cited by 2 publications
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“…Throughout this study, differential prediction models estimated by the least squares method will be used to test gender differences in the perception of risk tolerance, and models with a limited dependent variable (logit models) will be employed to investigate the consistency between individuals' subjective and objective tolerance levels. Models with limited dependent variables are frequently adopted in the recent literature to study individuals' risk tolerance (e.g., Pyles et al 2016;Kochaniak and Ulman 2020;Fang et al 2021;Brous and Han 2022). The gender data of the respondents were coded using a binary variable, assuming the following form: males (1) and females (0).…”
Section: Methodsmentioning
confidence: 99%
“…Throughout this study, differential prediction models estimated by the least squares method will be used to test gender differences in the perception of risk tolerance, and models with a limited dependent variable (logit models) will be employed to investigate the consistency between individuals' subjective and objective tolerance levels. Models with limited dependent variables are frequently adopted in the recent literature to study individuals' risk tolerance (e.g., Pyles et al 2016;Kochaniak and Ulman 2020;Fang et al 2021;Brous and Han 2022). The gender data of the respondents were coded using a binary variable, assuming the following form: males (1) and females (0).…”
Section: Methodsmentioning
confidence: 99%