KJCKorea
Journal Central

@article{ART002025687},
author={Beum-Jo Park and Hong Chong Cho},
title={Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2015},
volume={26},
number={3},
pages={57-93}

TY - JOUR
AU - Beum-Jo Park
AU - Hong Chong Cho
TI - Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach
JO - Journal of Insurance and Finance
PY - 2015
VL - 26
IS - 3
PB - Korea Insurance Research Institute
SP - 57
EP - 93
SN - 2384-3209
AB - We propose a supplemented eliciting method of measuring risk aversion through a laboratory experiment to overcome disadvantages of the multiple pricing list format developed by Holt and Laury (2002) and to standardize the risk aversion ranking by quantile normalization. Our method does not adhere to any specific utility function and is free of the framing effect or the multiple switching problem. Furthermore, with the new measure of risk aversion, we examine how individuals change risk attitude and decision making time when they face new informational disadvantages, i.e., less information about asset markets than experts. Decision making time gets shorter and risk aversion rises significantly when individuals perceive themselves informationally disadvantaged.
KW - Risk Aversion;Experiments;Elicitation Method;Quantile Normalization
DO -
UR -
ER -

Beum-Jo Park and Hong Chong Cho. (2015). Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach. Journal of Insurance and Finance, 26(3), 57-93.

Beum-Jo Park and Hong Chong Cho. 2015, "Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach", Journal of Insurance and Finance, vol.26, no.3 pp.57-93.

Beum-Jo Park, Hong Chong Cho "Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach" Journal of Insurance and Finance 26.3 pp.57-93 (2015) : 57.

Beum-Jo Park, Hong Chong Cho. Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach. 2015; 26(3), 57-93.

Beum-Jo Park and Hong Chong Cho. "Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach" Journal of Insurance and Finance 26, no.3 (2015) : 57-93.

Beum-Jo Park; Hong Chong Cho. Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach. Journal of Insurance and Finance, 26(3), 57-93.

Beum-Jo Park; Hong Chong Cho. Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach. Journal of Insurance and Finance. 2015; 26(3) 57-93.

Beum-Jo Park, Hong Chong Cho. Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach. 2015; 26(3), 57-93.

Beum-Jo Park and Hong Chong Cho. "Is Risk Aversion Related to Asymmetric Information Suggested by Cheap Talk and Decision Making Time under Uncertainty?: Experimental Economics Approach" Journal of Insurance and Finance 26, no.3 (2015) : 57-93.