The impact of (social) anchors on Prospect Theory’s value function

IF 2.9 3区经济学 Q1 ECONOMICS Quarterly Review of Economics and Finance Pub Date : 2024-09-04 DOI:10.1016/j.qref.2024.101916

Sebastian Krull , David D. Loschelder , Matthias Pelster

引用次数: 0

Abstract

Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory’s value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.

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社会）锚对前景理论价值函数的影响

锚定影响冒险决策。本文提供了实验证据（n = 744），证明（社会）锚会改变前景理论的价值函数（Kahneman 和 Tversky, 1979; Tversky 和 Kahneman, 1992）。我们发现，极端的（社会）锚会导致价值函数的变化，表明冒险行为发生了改变。与规避风险（寻求风险）行为一致的锚点，相对于基线，会导致更多规避风险（寻求风险）的决策。在社会环境和非社会环境中，我们的研究结果是相似的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

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