Cross-Cultural Differences in Risk Perception, but Cross-Cultural Similarities in Attitudes Towards Perceived Risk

Dados Bibliográficos

ID23367281
AutoresElke U Weber (0000-0002-1678-3631, The Ohio State University), Christopher K Hsee (0000-0002-8391-7847, University of Chicago), Christopher Hsee (University of Chicago)
Ano1998
Volume44
Fascículo9
Páginas1205-1217
Data de publicação1998-09-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoManagement Science (JOURNAL)
Identificadores do periódicoISSN: 0025-1909 • E-ISSN: 1526-5501
EditoraInstitute for Operations Research and the Management Sciences (INFORMS) (PUBLISHER)
DOI10.1287/mnsc.44.9.1205
OpenAlexW3124682773
IdiomaEN
Citações recebidas122
Referências citadas14

In this study, respondents from the P.R.C., U.S.A., Germany, and Poland were found to differ in risk preference, as measured by buying prices for risky financial options. Chinese respondents were significantly less risk-averse in their pricing than Americans when risk preference was assessed in the traditional expected-utility framework. However, these apparent differences in risk preference were associated primarily with cultural differences in the perception of the risk of the financial options rather than with cultural differences in attitude towards perceived risk. In all cultures, an equal proportion (the majority) of respondents was willing to pay more for options perceived as less risky, i.e., were perceived-risk averse. These results are most naturally explained within a risk-return conceptualization of risky choice. They have practical implications for cross-cultural negotiation and commerce by suggesting the locus of cultural differences in risky choice that may allow for the creation of joint gains.

Actuarial science · Conceptualization · Cross-cultural · Economics · Financial risk · Microeconomics · Negotiation · Perception · Preference · Risk perception · Risk-seeking · Sociology · Cultural Differences and Values · Decision-Making and Behavioral Economics · Psychology · Social Psychology