Assessing Individual Risk Attitudes Using Field Data From Lottery Games
利用美国高奖金电视游戏节目《Hoosier Millionaire》的现场数据，分析高赌注下的风险决策，估计风险厌恶参数的分布，发现多数参赛者风险厌恶，但程度随赌注大小显著变化。
We use information from the television game show with the highest guaranteed average payoff in the United States, Hoosier Millionaire, to analyze risktaking in a high-stakes experiment. We characterize gambling decisions under alternative assumptions about contestant behavior and preferences, and derive testable restrictions on individual risk attitudes based on this characterization. We then use an extensive sample of gambling decisions to estimate distributions of risk-aversion parameters consistent with the theoretical restrictions and revealed preferences. We find that although most contestants display risk-averse preferences, the extent of the risk aversion implied by our estimates varies substantially with the stakes involved in the different decisions. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.