Relative Risk Aversion: A Meta-Analysis

Elminejad, Ali; Havránek, Tomáš; Iršová, Zuzana

doi:10.31222/osf.io/b8uhe

Cited by 7 publications

(8 citation statements)

References 82 publications

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“…The risk premium RP of the ecosystem function ‘yield’ is calculated on plot level as the mean value of the yield minus the certainty equivalent, with yield coefficient of variation CV and risk aversion r , assuming that the yield is lognormally distributed. A value of 1.26 was chosen for the relative risk aversion r as the median of 58 studies assessing relative risk aversion according to Elminejad et al (2022). …”

Section: Methodsmentioning

confidence: 99%

“…Risk premium as function of biodiversity and soil health (normalised levels) for a risk aversion value of r = 1.26 as median of 58 studies assessing relative risk aversion (Elminejad et al, 2022): response surface used for the calculation of the insurance value of biodiversity and soil health in two (a) and three dimensions (b).…”

Section: Methodsmentioning

confidence: 99%

“…Insurance value (mean of all plots) as function of risk aversion for both biodiversity and soil health. Vertical bar indicates the value of risk aversion r that was chosen for this study (1.26 as median of 58 studies assessing relative risk aversion (Elminejad et al, 2022)).…”

Section: Methodsmentioning

confidence: 99%

See 2 more Smart Citations

Sustainable land management enhances ecological and economic multifunctionality under ambient and future climate

Scherzinger¹,

Schädler²,

Reitz³

et al. 2023

Preprint

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Anthropogenic activity is threatening ecosystem multifunctionality, i.e. the ability of ecosystems to provide multiple functions and services which are vital for human well-being. Here we assess how multifunctionality of agroecosystems in Central Germany depends on land-use type and climate change. Our analysis included 13 ecosystem functions in a large-scale field experiment with five different land-use types (three grassland and two farmland types either sustainably or intensively managed) under two different climate scenarios (ambient and future climate). We consider ecological measures of multifunctionality using averaging approaches with different weights, i.a. reflecting preferences of farmers and environmentalists, and assess an economic multifunctionality measure based on the total value of ecosystem services. Results show that intensive management and future climate decrease ecological multifunctionality for multiple weighting scenarios in both grassland and farmland. Only under a weighting according to farmers' preferences, intensively-managed grassland shows higher multifunctionality as compared to sustainably-managed grassland. The economic multifunctionality measure, which includes economic benefits for society at large, reveals a multifunctionality about ~1.7 times higher for sustainable compared to intensive management for both grassland and farmland. Above-belowground biodiversity correlates positively with ecosystem multifunctionality and is expected to be one of its main drivers. Based on these findings, we suggest to promote and economically incentivise sustainable land management that enhances both ecological and economic multifunctionality, also under future climatic conditions.

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Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

See 1 more Smart Citation

Sustainable land management enhances ecological and economic multifunctionality under ambient and future climate

Scherzinger¹,

Schädler²,

Reitz³

et al. 2023

Preprint

View full text Add to dashboard Cite

show abstract

“…Financial risk tolerance, or its inverse financial risk aversion (Faff et al 2008), is central to investment decision-making in addition to its role in the saving and borrowing choices of individuals and households (Campbell 2006). Empirical estimates provide the intuitive result that stockholders have higher risk tolerance than non-stockholders (Elminejad et al 2022). Crypto investors are identified as more risk-tolerant (Santoso and Modjo 2022), relatively more risk-seeking (Hackethal et al 2021), and risk-loving (Conlon and McGee 2020).…”

Section: The Role Of Financial Literacy and Risk Tolerancementioning

confidence: 99%

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

Gerrans

Abisekaraj

Liu

2023

J. financ. lit. wellbeing

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The “Fear of Missing Out” or FoMO has become an accepted motivator of behaviours extending from the purchase of limited-edition sneaker brands to social media use and cryptocurrency investment. As a motivator of individual financial behaviours, such as cryptocurrency and stock investment, it is unclear how FoMO relates to consumer financial literacy and other consumer traits, including risk tolerance and personality. We propose, and assess, a model of reported investment behaviour and investment behaviour intention. We find a larger association between FoMO and crypto ownership, both current and intended, compared with stocks. FoMO has a small association with current stock ownership, relative to the association of financial literacy and risk tolerance. Context matters when measuring FoMO with the more context-specific measures having the largest associations with investment behaviour and investment intentions. Finally, our results suggest financial literacy is an antecedent of FoMO, more so for stocks.

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“…Be sure to make notes during the entire literature search process to facilitate replicability and construct a PRISMA diagram (see Havranek et al 2020, Moher et al 2015, Page et al 2021. See meta-analysis.cz/frisch (Elminejad et al 2022a) or metaanalysis.cz/risk (Elminejad et al 2022b) for an example of the diagram.…”

Section: Literature Searchmentioning

confidence: 99%

Meta-Analysis of Social Science Research: A Practitioner’s Guide

Iršová¹,

Doucouliagos²,

Havránek³

et al. 2023

Preprint

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This paper provides concise, nontechnical, step-by-step guidelines on how to conduct a modern meta-analysis, especially in social sciences. We treat publication bias, p-hacking, and heterogeneity as phenomena meta-analysts must always confront. To this end, we provide concrete methodological recommendations. Meta-analysis methods have advanced notably over the last few years. Yet many meta-analyses still rely on outdated approaches, some ignoring publication bias and systematic heterogeneity. While limitations persist, recently developed techniques allow robust inference even in the face of formidable problems in the underlying empirical literature. The purpose of this paper is to summarize the state of the art in a way accessible to aspiring meta-analysts in any field. We also discuss how meta-analysts can use advances in artificial intelligence to work more efficiently.

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Relative Risk Aversion: A Meta-Analysis

Cited by 7 publications

References 82 publications

Sustainable land management enhances ecological and economic multifunctionality under ambient and future climate

Sustainable land management enhances ecological and economic multifunctionality under ambient and future climate

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

Meta-Analysis of Social Science Research: A Practitioner’s Guide

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