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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2011/19:
Prospect Theory around the World

Marc Oliver Rieger (), Mei Wang () and Thorsten Hens ()

Abstract: We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic conditions, but also on cultural factors, as measured by the Hofstede dimensions Individuality and Uncertainty Avoidance. The presented data might also serve as an interesting starting point for further research in cultural economics.

Keywords: Risk preferences; prospect theory; cross-cultural comparison; (follow links to similar papers)

JEL-Codes: D90; F40; (follow links to similar papers)

36 pages, October 31, 2011

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