IDEAS home Printed from https://ideas.repec.org/p/jau/wpaper/2022-04.html
   My bibliography  Save this paper

Does gender moderate the influence of emotions on risk-taking? A robustness check

Author

Listed:
  • Matteo M. Marini

    (Department of Public Economics, Masaryk University, Brno, Czech Republic)

Abstract

This paper is a follow-up investigation to the aggregate data meta-analysis by Marini (2021), the latter study being designed to detect what experimental protocols moderate the effect of emotions on risk-taking. Our work purports to check the robustness of Marini (2021)’s findings when gender is taken into account as a moderator, as well as to make a contribution to the debate about the role of national culture in risky decision making. The goal is pursued by pooling individual participant data from the subset of studies that make use of multiple price lists as risk elicitation method. We find that gender does not moderate the influence of emotions on risk propensity and we successfully replicate evidence that sadness promotes risk aversion, the use of financial incentives lowers data variability, and subjects take greater risks when studies are conducted in individualist countries. After ruling out the influence of emotions, we still find support for a positive link between individualism and risk-seeking.

Suggested Citation

  • Matteo M. Marini, 2022. "Does gender moderate the influence of emotions on risk-taking? A robustness check," Working Papers 2022/04, Economics Department, Universitat Jaume I, Castellón (Spain).
    • Handle: RePEc:jau:wpaper:2022/04
    as

    Download full text from publisher

    File URL: http://www.doctreballeco.uji.es/wpficheros/Marini_04_2022.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Filippin, Antonio & Crosetto, Paolo, 2014. "A Reconsideration of Gender Differences in Risk Attitudes," IZA Discussion Papers 8184, Institute of Labor Economics (IZA).
    2. Illiashenko, Pavlo, 2019. "“Tough Guy” vs. “Cushion” hypothesis: How does individualism affect risk-taking?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 24(C).
    3. Alison L. Booth & Patrick Nolen, 2012. "Gender differences in risk behaviour: does nurture matter?," Economic Journal, Royal Economic Society, vol. 122(558), pages 56-78, February.
    4. Fessler, Daniel M.T. & Pillsworth, Elizabeth G. & Flamson, Thomas J., 2004. "Angry men and disgusted women: An evolutionary approach to the influence of emotions on risk taking," Organizational Behavior and Human Decision Processes, Elsevier, vol. 95(1), pages 107-123, September.
    5. Johnson, Noel D. & Mislin, Alexandra A., 2011. "Trust games: A meta-analysis," Journal of Economic Psychology, Elsevier, vol. 32(5), pages 865-889.
    6. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
    7. Steffen Andersen & Glenn Harrison & Morten Lau & E. Rutström, 2009. "Elicitation using multiple price list formats," Experimental Economics, Springer;Economic Science Association, vol. 12(3), pages 365-366, September.
    8. Drichoutis, Andreas C. & Nayga, Rodolfo M., 2013. "Eliciting risk and time preferences under induced mood states," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 45(C), pages 18-27.
    9. Quang Nguyen & Colin Camerer & Tomomi Tanaka, 2010. "Risk and Time Preferences Linking Experimental and Household Data from Vietnam," Post-Print halshs-00547090, HAL.
    10. Antonio Filippin, 2022. "Gender differences in risk attitudes," IZA World of Labor, Institute of Labor Economics (IZA), pages 100-100, October.
    11. Catherine C. Eckel & Philip J. Grossman, 2008. "Forecasting Risk Attitudes: An Experimental Study Using Actual and Forecast Gamble Choices," Monash Economics Working Papers archive-01, Monash University, Department of Economics.
    12. Joseph Henrich & Steven J. Heine & Ara Norenzayan, 2010. "Most people are not WEIRD," Nature, Nature, vol. 466(7302), pages 29-29, July.
    13. Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-474, June.
    14. Charness, Gary & Gneezy, Uri, 2012. "Strong Evidence for Gender Differences in Risk Taking," Journal of Economic Behavior & Organization, Elsevier, vol. 83(1), pages 50-58.
    15. Matteo M. Marini, 2022. "20 years of emotions and risky choices in the lab: A meta-analysis," Working Papers 2022/03, Economics Department, Universitat Jaume I, Castellón (Spain).
    16. Colasante, Annarita & Marini, Matteo M. & Russo, Alberto, 2017. "Incidental emotions and risk-taking: An experimental analysis," MPRA Paper 76992, University Library of Munich, Germany.
    17. Ashraf, Badar Nadeem & Zheng, Changjun & Arshad, Sidra, 2016. "Effects of national culture on bank risk-taking behavior," Research in International Business and Finance, Elsevier, vol. 37(C), pages 309-326.
    18. Tomomi Tanaka & Colin F. Camerer & Quang Nguyen, 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam," American Economic Review, American Economic Association, vol. 100(1), pages 557-571, March.
    19. Theresa Treffers & Philipp D. Koellinger & Arnold Picot, 2016. "Do Affective States Influence Risk Preferences?," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 17(3), pages 309-335, December.
    20. Campos-Vazquez, Raymundo M. & Cuilty, Emilio, 2014. "The role of emotions on risk aversion: A Prospect Theory experiment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 50(C), pages 1-9.
    21. Antonio Filippin & Paolo Crosetto, 2016. "A Reconsideration of Gender Differences in Risk Attitudes," Management Science, INFORMS, vol. 62(11), pages 3138-3160, November.
    22. Gaganis, Chrysovalantis & Hasan, Iftekhar & Papadimitri, Panagiota & Tasiou, Menelaos, 2019. "National culture and risk-taking: Evidence from the insurance industry," Journal of Business Research, Elsevier, vol. 97(C), pages 104-116.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Matteo M. Marini, 2022. "20 years of emotions and risky choices in the lab: A meta-analysis," Working Papers 2022/03, Economics Department, Universitat Jaume I, Castellón (Spain).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marini, Matteo M., 2022. "Does gender moderate the influence of emotions on risk-taking? The meta-analysis reloaded," Journal of Behavioral and Experimental Finance, Elsevier, vol. 35(C).
    2. Matteo M. Marini, 2021. "Does gender moderate the influence of emotions on risk-taking? A robustness check," Working Papers 2021/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    3. Matteo M. Marini, 2022. "20 years of emotions and risky choices in the lab: A meta-analysis," Working Papers 2022/03, Economics Department, Universitat Jaume I, Castellón (Spain).
    4. Anwesha Bandyopadhyay & Lutfunnahar Begum & Philip J. Grossman, 2021. "Gender differences in the stability of risk attitudes," Journal of Risk and Uncertainty, Springer, vol. 63(2), pages 169-201, October.
    5. Gary Charness & Catherine Eckel & Uri Gneezy & Agne Kajackaite, 2018. "Complexity in risk elicitation may affect the conclusions: A demonstration using gender differences," Journal of Risk and Uncertainty, Springer, vol. 56(1), pages 1-17, February.
    6. Holden, Stein T. & Tilahun, Mesfin, 2022. "Are risk preferences explaining gender differences in investment behavior?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 101(C).
    7. Andreas Pondorfer & Toman Barsbai & Ulrich Schmidt, 2017. "Gender Differences in Stereotypes of Risk Preferences: Experimental Evidence from a Matrilineal and a Patrilineal Society," Management Science, INFORMS, vol. 63(10), pages 3268-3284, October.
    8. Ranganathan, Kavitha & Lejarraga, Tomás, 2021. "Elicitation of risk preferences through satisficing," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    9. Bernard, Kévin & Bonein, Aurélie & Bougherara, Douadia, 2020. "Consumer inequality aversion and risk preferences in community supported agriculture," Ecological Economics, Elsevier, vol. 175(C).
    10. Andreoni, James & Di Girolamo, Amalia & List, John A. & Mackevicius, Claire & Samek, Anya, 2020. "Risk preferences of children and adolescents in relation to gender, cognitive skills, soft skills, and executive functions," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 729-742.
    11. Zexuan Wang & Ismaël Rafaï & Marc Willinger, 2023. "Does age affect the relation between risk and time preferences? Evidence from a representative sample," Southern Economic Journal, John Wiley & Sons, vol. 90(2), pages 341-368, October.
    12. Perodaud, Maxime & Hanaki, Nobuyuki & Yamada, Takashi, 2022. "An experimental analysis of gender discrimination in a credence goods market," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 98(C).
    13. Julie A. Nelson, 2015. "Are Women Really More Risk-Averse Than Men? A Re-Analysis Of The Literature Using Expanded Methods," Journal of Economic Surveys, Wiley Blackwell, vol. 29(3), pages 566-585, July.
    14. Crosetto, P. & Filippin, A., 2017. "Safe options induce gender differences in risk attitudes," Working Papers 2017-05, Grenoble Applied Economics Laboratory (GAEL).
    15. Filippin, Antonio & Gioia, Francesca, 2018. "Competition and subsequent risk-taking behaviour: Heterogeneity across gender and outcomes," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 75(C), pages 84-94.
    16. Drupp, Moritz A. & Khadjavi, Menusch & Riekhof, Marie-Catherine & Voss, Rudi, 2020. "Professional identity and the gender gap in risk-taking. Evidence from field experiments with scientists," Journal of Economic Behavior & Organization, Elsevier, vol. 170(C), pages 418-432.
    17. Paolo Crosetto & Antonio Filippin, 2023. "Safe options and gender differences in risk attitudes," Journal of Risk and Uncertainty, Springer, vol. 66(1), pages 19-46, February.
    18. Holden , Stein T. & Tilahun , Mesfin, 2018. "Gender Differences in Risk Tolerance, Trust and Trustworthiness: Are They Related?," CLTS Working Papers 3/18, Norwegian University of Life Sciences, Centre for Land Tenure Studies, revised 16 Oct 2019.
    19. Horn, Dániel & Kiss, Hubert János & Lénárd, Tünde, 2022. "Gender differences in preferences of adolescents: Evidence from a large-scale classroom experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 194(C), pages 478-522.
    20. Ola Andersson & Håkan J. Holm & Jean‐Robert Tyran & Erik Wengström, 2020. "Risking Other People's Money: Experimental Evidence on the Role of Incentives and Personality Traits," Scandinavian Journal of Economics, Wiley Blackwell, vol. 122(2), pages 648-674, April.

    More about this item

    Keywords

    meta-analysis; gender differences; emotion; risk-taking; individualism;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jau:wpaper:2022/04. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: María Aurora Garcia Gallego (email available below). General contact details of provider: https://edirc.repec.org/data/ueujies.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.