Menu-dependent Risk Attitudes: Theory and Evidence
Journal of risk and uncertainty(2024)
摘要
We test for a novel pattern of menu-dependent risk attitudes that forms the basis of recent theories of risky choice: Does expanding the range of potential prizes from lotteries in a choice set lead people to overweight those prizes and make riskier choices? Contrary to our hypothesis, we find no evidence of such a menu effect. Varying the potential prize offered by an actuarially unfavorable, high-risk lottery does not affect the likelihood of choosing a different, moderate-risk gamble in favor of a safer alternative. Our well-powered null results cast doubt on prominent theories of menu-dependent risk preferences.
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关键词
Focusing,Menu Dependence,Risk Attitudes,C91,D81
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