The Role of Risk Attitudes in Probabilistic Environments
In this work we asked if risk attitudes influence the way agents learn in a probabilistic environment. For that purpose, 31 male students played a version of a well-known game called the multi-armed bandit (with four levers/buttons). We found that after controlling for cognitive abilities (i.e. Rave...
- Autores:
-
Alonso Díaz, Santiago
Forero, Carlos Esteban
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2012
- Institución:
- Universidad Externado de Colombia
- Repositorio:
- Biblioteca Digital Universidad Externado de Colombia
- Idioma:
- spa
- OAI Identifier:
- oai:bdigital.uexternado.edu.co:001/7436
- Acceso en línea:
- https://bdigital.uexternado.edu.co/handle/001/7436
https://revistas.uexternado.edu.co/index.php/odeon/article/view/3697
- Palabra clave:
- Criteria for decision making under risk and uncertainty
Search
- Rights
- openAccess
- License
- http://purl.org/coar/access_right/c_abf2
| Summary: | In this work we asked if risk attitudes influence the way agents learn in a probabilistic environment. For that purpose, 31 male students played a version of a well-known game called the multi-armed bandit (with four levers/buttons). We found that after controlling for cognitive abilities (i.e. Raven’s test), risk seekers in gains preferred to explore in this environment, rather than exploit options, even if one of them was clearly more rewarding. We briefly discuss the reasons and some implications for financial decision theories, in particular, for Bayesian and behavioral proposals. |
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