Willingness to take risk: the role of risk conception and optimism / Thomas Dohmen (University of Bonn, IZA and Maastricht University), Simone Quercia (University of Bonn), Jana Willrodt (Bonn Graduate School of Economics and DICE) ; IZA Institute of Labor Economics
VerfasserDohmen, Thomas ; Quercia, Simone ; Willrodt, Jana
KörperschaftForschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, June 2018
Elektronische Ressource
Umfang1 Online-Ressource (35 Seiten) : Diagramme
SerieDiscussion paper ; no. 11642
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
Willingness to take risk: the role of risk conception and optimism [0.68 mb]
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We show that the disposition to focus on favorable or unfavorable outcomes of risky situations affects willingness to take risk as measured by the general risk question. We demonstrate that this disposition, which we call risk conception, is strongly associated with optimism, a stable facet of personality and that it predicts real-life risk taking. The general risk question captures this disposition alongside pure risk preference. This enlightens why the general risk question is a better predictor of behavior under risk across different domains than measures of pure risk preference. Our results also rationalize why risk taking is related to optimism.