Perceived relative wealth and risk taking
We show that perceptions of relative rank in the wealth distribution shape individuals' willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level....
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book/Monograph Working Paper |
| Language: | English |
| Published: |
Munich, Germany
CESifo, Center for Economic Studies & Ifo Institute
August 2021
|
| Series: | CESifo working paper
no. 9253 (2021) |
| In: |
CESifo working papers (no. 9253 (2021))
|
| Subjects: | |
| Online Access: | Verlag, kostenfrei: https://www.cesifo.org/DocDL/cesifo1_wp9253.pdf Verlag, kostenfrei: https://www.cesifo.org/en/publikationen/2021/working-paper/perceived-relative-wealth-and-risk-taking 
|
| Author Notes: | Dietmar Fehr, Yannick Reichlin |
MARC
| LEADER | 00000cam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | 1767377533 | ||
| 003 | DE-627 | ||
| 005 | 20250610110654.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210819s2021 gw |||||o 00| ||eng c | ||
| 024 | 7 | |a 10419/245434 |2 hdl | |
| 035 | |a (DE-627)1767377533 | ||
| 035 | |a (DE-599)KXP1767377533 | ||
| 035 | |a (OCoLC)1312232439 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 044 | |c XA-DE | ||
| 084 | |a 17 |2 sdnb | ||
| 084 | |a D31 |a D63 |a D81 |a D91 |a E21 |a I31 |2 jelc | ||
| 100 | 1 | |a Fehr, Dietmar |e VerfasserIn |0 (DE-588)124797237 |0 (DE-627)636702545 |0 (DE-576)186921489 |4 aut | |
| 245 | 1 | 0 | |a Perceived relative wealth and risk taking |c Dietmar Fehr, Yannick Reichlin |
| 264 | 1 | |a Munich, Germany |b CESifo, Center for Economic Studies & Ifo Institute |c August 2021 | |
| 300 | |a 1 Online-Ressource (circa 56 Seiten) |b Illustrationen | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 1 | |a CESifo working paper |v no. 9253 (2021) | |
| 520 | |a We show that perceptions of relative rank in the wealth distribution shape individuals' willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level. Respondents who are induced to perceive their relative position as low display more tolerance towards risk in a subsequent incentivized lottery task. This effect is mainly driven by individuals who more firmly believe that life outcomes are beyond their control. This interaction between risk preferences and underlying beliefs spotlights the benefits of incorporating personality traits into economic analysis. | ||
| 650 | 4 | |a relative wealth |7 (dpeaa)DE-206 | |
| 650 | 4 | |a risk taking |7 (dpeaa)DE-206 | |
| 650 | 4 | |a survey |7 (dpeaa)DE-206 | |
| 650 | 4 | |a experiment |7 (dpeaa)DE-206 | |
| 650 | 4 | |a locus of control |7 (dpeaa)DE-206 | |
| 655 | 4 | |0 (DE-206)34 |a Graue Literatur |5 DE-206 | |
| 700 | 1 | |a Reichlin, Yannick |e VerfasserIn |4 aut | |
| 810 | 2 | |a CESifo GmbH |t CESifo working papers |v no. 9253 (2021) |9 9253 |w (DE-627)340076984 |w (DE-576)281209073 |w (DE-600)2065232-X |x 2364-1428 |7 am | |
| 856 | 4 | 0 | |u https://www.cesifo.org/DocDL/cesifo1_wp9253.pdf |x Verlag |z kostenfrei |
| 856 | 4 | 0 | |u https://www.cesifo.org/en/publikationen/2021/working-paper/perceived-relative-wealth-and-risk-taking |x Verlag |z kostenfrei |
| 951 | |a BO | ||
| 992 | |a 20220408 | ||
| 993 | |a WorkingPaper | ||
| 994 | |a 2021 | ||
| 998 | |g 124797237 |a Fehr, Dietmar |m 124797237:Fehr, Dietmar |d 180000 |d 181000 |e 180000PF124797237 |e 181000PF124797237 |k 0/180000/ |k 1/180000/181000/ |p 1 |x j | ||
| 999 | |a KXP-PPN1767377533 |e 4114209158 | ||
| BIB | |a Y | ||
| JSO | |a {"language":["eng"],"physDesc":[{"extent":"1 Online-Ressource (circa 56 Seiten)","noteIll":"Illustrationen"}],"type":{"media":"Online-Ressource","bibl":"book"},"name":{"displayForm":["Dietmar Fehr, Yannick Reichlin"]},"origin":[{"dateIssuedDisp":"August 2021","publisherPlace":"Munich, Germany","publisher":"CESifo, Center for Economic Studies & Ifo Institute","dateIssuedKey":"2021"}],"id":{"hdl":["10419/245434"],"eki":["1767377533"]},"title":[{"title_sort":"Perceived relative wealth and risk taking","title":"Perceived relative wealth and risk taking"}],"relMultPart":[{"origin":[{"dateIssuedKey":"1991","publisherPlace":"München","dateIssuedDisp":"1991-","publisher":"[Verlag nicht ermittelbar]"}],"type":{"bibl":"serial","media":"Online-Ressource"},"pubHistory":["Nr. 1.1991 -"],"title":[{"title_sort":"CESifo working papers","title":"CESifo working papers"}],"note":["Gesehen am 30.04.25"],"id":{"zdb":["2065232-X"],"issn":["2364-1428"],"hdl":["10419/19"],"eki":["340076984"]},"recId":"340076984","language":["eng"],"titleAlt":[{"title":"CESifo working paper series"},{"title":"Working paper"},{"title":"CES working paper series"}],"dispAlt":"CESifo GmbH: CESifo working papers","part":{"number":["no. 9253 (2021)"],"number_sort":["9253"]},"corporate":[{"role":"aut","display":"CESifo GmbH"},{"role":"isb","display":"Ludwig-Maximilians-Universität München"}],"physDesc":[{"extent":"Online-Ressource"}],"disp":"CESifo working paper"}],"recId":"1767377533","person":[{"display":"Fehr, Dietmar","family":"Fehr","given":"Dietmar","role":"aut"},{"role":"aut","family":"Reichlin","given":"Yannick","display":"Reichlin, Yannick"}]} | ||
| SRT | |a FEHRDIETMAPERCEIVEDR2021 | ||