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Relative deprivation as a cause of risky behaviors

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cris.lastimport.scopus2024-02-12T20:17:13Z
dc.abstract.enCombining a standard measure of concern about low relative wealth and a standard measure of relative risk aversion leads to a novel explanation of variation in risk-taking behavior identified and documented by social psychologists and economists. We obtain two results: (1) Holding individual i’s wealth and his rank in the wealth distribution constant, the individual’s relative risk aversion decreases when he becomes more relatively deprived as a result of an increase in the average wealth of the individuals who are wealthier than he is. (2) If relative deprivation enters the individual’s utility function approximately linearly then, holding constant individual i’s wealth and the average wealth of the individuals who are wealthier than he is, the individual’s relative risk aversion decreases when he becomes more relatively deprived as a result of a decline in his rank. Our findings provide a theoretical support for evidence about the propensity of relatively deprived individuals to gamble and resort to other risky behaviors.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorStark, Oded
dc.date.accessioned2024-01-25T19:10:34Z
dc.date.available2024-01-25T19:10:34Z
dc.date.issued2020
dc.description.financePublikacja bezkosztowa
dc.description.number3
dc.description.volume44
dc.identifier.doi10.1080/0022250X.2019.1664508
dc.identifier.issn0022-250X
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/118297
dc.identifier.weblinkhttps://www.tandfonline.com/doi/pdf/10.1080/0022250X.2019.1664508
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofJournal of Mathematical Sociology
dc.relation.pages138-146
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.titleRelative deprivation as a cause of risky behaviors
dc.typeJournalArticle
dspace.entity.typePublication