Pure rank preferences and variation in risk-taking behavior

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dc.contributor.author Stark, Oded
dc.contributor.author Budzinski, Wiktor
dc.contributor.author Jakubek, Marcin
dc.date.accessioned 2019-09-17T09:56:31Z
dc.date.available 2019-09-17T09:56:31Z
dc.date.issued 2019-09-17
dc.identifier.other 1677155825 de_DE
dc.identifier.uri http://hdl.handle.net/10900/92884
dc.identifier.uri http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-928848 de_DE
dc.identifier.uri http://dx.doi.org/10.15496/publikation-34265
dc.description.abstract Assuming that an individual’s rank in the wealth distribution is the only factor determining the individual’s wellbeing, we analyze the individual’s risk preferences in relation to gaining or losing rank, rather than the individual’s risk preferences towards gaining or losing absolute wealth. We show that in this characterization of preferences, a high-ranked individual is more willing than a low-ranked individual to take risks that can provide him with a rise in rank: relative risk aversion with respect to rank in the wealth distribution is a decreasing function of rank. This result is robust to incorporating (the level of) absolute wealth in the individual’s utility function. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podno de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en en
dc.subject.classification Ranking de_DE
dc.subject.ddc 330 de_DE
dc.subject.other Rank in the wealth distribution en
dc.subject.other Rank-based utility en
dc.subject.other Variation in risk-taking behavior en
dc.subject.other Relative risk aversion en
dc.title Pure rank preferences and variation in risk-taking behavior en
dc.type Aufsatz de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
utue.publikation.source University of Tübingen Working Papers in Economics and Finance ; No. 123 de_DE

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