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首页> 外文期刊>Journal of Finance and Investment Analysis >Measuring the degree to which probability weighting affects risk-taking Behavior in financial decisions
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Measuring the degree to which probability weighting affects risk-taking Behavior in financial decisions

机译：衡量概率加权对风险承担的影响程度

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The paper investigates the importance of probability weighting in financial decisions and examines the degree to which risk-taking behavior deviates from expected utility theory in the presence of probability weighting. A group of professional traders participates in an experiment, whose data are used to calculate risk and uncertainty premiums. This framework allows measuring and disentangling the impact of probability weighting on risk perceptions and behavior. Several findings emerge. Professional traders exhibit probability weighting which has a substantial and heterogeneous effect on behavior. Probability weighting affects traders’ perceptions of their own risk attitude more intensely than it affects their actual behavior. Finally, risk-averse or risk-seeking behavior is more intense under conditions of uncertainty than it is under conditions of risk. These findings are consistent with previous studies, but provide new insights on several dimensions of trading decisions, and offer insights into market movements.
机译：本文研究了概率加权在财务决策中的重要性，并研究了在存在概率加权的情况下冒险行为偏离预期效用理论的程度。一组专业交易员参加了一个实验，该实验的数据用于计算风险和不确定性溢价。该框架允许测量和解开概率加权对风险认知和行为的影响。出现了一些发现。专业交易员表现出概率加权，这对行为具有实质性和不同的影响。概率权重对交易者对自身风险态度的认知比对交易者实际行为的影响更为严重。最后，在不确定条件下的规避风险或寻求风险行为比在风险条件下更为强烈。这些发现与以前的研究一致，但是提供了有关交易决策多个维度的新见解，并提供了对市场走势的见解。

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