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Is There a Pessimistic Bias in Individual Beliefs? Evidence from a Simple Survey

Jouini, Elyès; Ben Mansour, Selima; Napp, Clotilde (2006), Is There a Pessimistic Bias in Individual Beliefs? Evidence from a Simple Survey, Theory and Decision, 61, 4, p. 345-362. http://dx.doi.org/10.1007/s11238-006-9014-2

Type
Article accepté pour publication ou publié
External document link
http://halshs.archives-ouvertes.fr/halshs-00176518/en/
Date
2006
Journal name
Theory and Decision
Volume
61
Number
4
Publisher
Springer
Pages
345-362
Publication identifier
http://dx.doi.org/10.1007/s11238-006-9014-2
Metadata
Show full item record
Author(s)
Jouini, Elyès
Ben Mansour, Selima
Napp, Clotilde cc
Abstract (EN)
It is an important issue for economic and finance applications to determine whether individuals exhibit a behavioral bias towards pessimism in their beliefs, in a lottery or more generally in an investment opportunities framework. In this paper, we analyze the answers of a sample of 1,540 individuals to the following question Imagine that a coin will be flipped 10 times. Each time, if heads, you win 10€. How many times do you think that you will win? The average answer is surprisingly about 3.9 which is below the average 5, and we interpret this as a pessimistic bias. We find that women are more pessimistic than men, as are old people relative to young. We also analyze how our notion of pessimism is related to more general notions of pessimism previously introduced in psychology.
Subjects / Keywords
pessimism; judged probability; lottery
JEL
D81 - Criteria for Decision-Making under Risk and Uncertainty

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