Third-Order Risk Preferences and Cumulative Prospect Theory: An Experimental Study (Katallaktik - Quantitative Modellierung menschlicher Interaktionen auf Märkten) - Softcover

Borß, Michael

Softcover

ISBN 10: 384410500X ISBN 13: 9783844105001

Verlag: Josef Eul Verlag, 2017

Inhaltsangabe

There is broad theoretical and empirical evidence that investors exhibit a preference for skewness. However, there is little research regarding the extent to which individuals really favor positive skewness in individual decision making. In this dissertation, a controlled laboratory experiment is used to test for skewness preferences and prudence – a broader third-order risk preference that is closely linked to skewness preferences.

Skewness and prudence preferences are further analyzed both within an Expected Utility Theory framework as well as with Cumulative Prospect Theory. For this, a sound experimental setup is used that also excludes any potentially distortionary effects from loss aversion. This dissertation therefore contributes to better understanding of individual risk preferences and other impact factors, such as a more “rational” vs. a more “intuitive” decision making process in individual decision making.

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Über die Autorin bzw. den Autor

Michael Borß studied Business Administration at the University of Münster, Germany, as well as in Strasbourg, France, and Illinois in the United States. Having successfully fin-ished his studies as a Diplom-Kaufmann in 2005, he joined The Boston Consulting Group as a consultant and mainly worked on strategy development and implementation in the Financial Institutions practice area as well as in Corporate Development. During an edu-cational leave of absence the author started his dissertation under the supervision of Pro-fessor Dr. Markus Rudolf and worked as a research assistant at the Center of Private Banking of the Endowed Chair of Finance of the WHU – Otto Beisheim School of Man-agement 2009–2011. The author continued to work for The Boston Consulting Group in Cologne and Hamburg and then joined Home24 in Berlin where he is currently responsi-ble for Group Controlling.

Details zur Ausgabe

• Verlag: Josef Eul Verlag
• Erscheinungsdatum: 2017
• Sprache: Englisch
• ISBN 10: 384410500X
• ISBN 13: 9783844105001
• Einband: Taschenbuch
• Auflage: 1
• Anzahl der Seiten: 222
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar