Many subjects in lab experiments show considerable risk aversion in small-stakes gambles. This is counter to the predictions of expected utility theory for any reasonable degree of risk aversion but is consistent with loss aversion in prospect theory. In this paper, the authors show that acceptance of small risky gambles and scores on math tests is associated with inventory accumulation among Kenyan shopkeepers. More broadly, the authors argue that...
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详细
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2013/05/01
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日志文章
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92931
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1
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1
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2014/12/05
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Disclosed
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Behavioral biases and firm behavior : evidence from Kenyan retail shops
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math score