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REFLECTION EFFECT UNDER DIFFERENT RISK ATTITUDES

Keywords: reflection effect , experiment , lottery , risk , DOSPERT (Domain-Specific Risk-Taking) scale

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Abstract:

Reflection effect“ means, that people are risk averse if dealing with profits and risk seeking by challenging losses (Kahneman and Tversky, 1979). The aim of the paper is to find out whether the decisions of the experiment participants differ when dealing with positive and negative prospects by choosing a preferred lottery. Standardized scale (DOSPERT) evaluating the participant willingness to take risk in different domains of life is also considered. An econometric model for predictions of the paired lottery game results depending on the risk characteristics identified within DOSPERT is estimated in the paper.

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