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Pure rank preferences and variation in risk-taking behavior

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dc.abstract.enAssuming 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.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorJakubek, Marcin
dc.contributor.authorBudziński, Wiktor
dc.contributor.authorStark, Oded
dc.date.accessioned2024-01-25T18:42:37Z
dc.date.available2024-01-25T18:42:37Z
dc.date.issued2019
dc.description.financeNie dotyczy
dc.description.volume184
dc.identifier.doi10.1016/J.ECONLET.2019.108636
dc.identifier.issn0165-1765
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/117610
dc.identifier.weblinkhttps://reader.elsevier.com/reader/sd/pii/S0165176519303131?token=B2D7820B989D711989084DAC55A03958CA2EF370ED885F2F7FAAD766219E4E8A4BDC4F340B9C0BD623286250B4290BEB
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofEconomics Letters
dc.relation.pages1-3
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.subject.enRelative risk aversion
dc.titlePure rank preferences and variation in risk-taking behavior
dc.typeJournalArticle
dspace.entity.typePublication