Variance risk, downside risk, and tail risk: comparing risk behaviours among public and private sector employees
研究通过两项货币激励实验，比较日本公共与私营部门员工在方差风险、下行风险和尾部风险上的行为差异，发现公共部门员工对极端结果有更强的厌恶，且这种差异在控制公共服务动机后部分消失。
This study examines behavioural differences in risk aversion (variance risk), prudence (downside risk), and temperance (tail risk) between public and private sector employees, employing higher-order risk preference theory. Using two monetary-incentivized behavioural tasks (Multiple Price List and Deck-Schlesinger Lottery) with 1000 participants in Japan, we compare risk behaviours across sectors. Results demonstrate that public employees exhibit significantly higher temperance after accounting for individual-level covariates, indicating stronger aversion to extreme outcomes. Sectoral differences in risk aversion and prudence become insignificant once public service motivation is controlled. These findings highlight the importance of distinguishing multiple risk dimensions in sectoral comparisons.