Measuring Risk Tolerance in Finance: Does the Decision Frame Matter?

Bireylerin risk kabullenme düzeylerinin karar verme süreçleri üzerinde oldukça etkili olduğu kabul edilmektedir. Bu bağlamda bireylerin risk kabullanme düzeylerinin belirlenmesi önemli olduğu düşünülmektedir. Ancak literature bakıldığında ortak bir risk ölçümünün var olmadığı görülmektedir. Mevcut ölçüm tekniklerinin ise iki ana kategoride gruplandırılabileceği görülmektedir. Bunlar finansal risk ölçüm ve şansa dayalı ölçümleme teknikleridir. Bu çalışmanın amacı bu iki farklı ölçümleme tekniğinin aynı sonucu sağlayıp sağlamadığının araştırılmasıdır. Elde edilen bulgular, risk kabullenme düzeylerinin bu iki farklı ölçümleme tekniğinde farklı sonuçlar verdiğini ortaya koymaktadır (Finansal risk ölçümlerine göre yapılan analizlerde bireylerin risk kabullenme düzeylerinin daha yüksek ölçüldüğü sonucuna ulaşılmıştır.) Ancak farklı iki finansal risk ölçümle anketinin birbirinden farklı sonuçlar vermediği sonucuna ulaşılmıştır.

Anahtar Kelimeler:

Risk Kabullenme Düzeyi, Risk Düzeyinin Ölçümü ve Riske Bakış Açısı.

Finansal Risk Kabullenme Düzeylerinin Ölçümü: Karar Süreçlerinin Etkisi?

Risk taking behavior has great influence on the decision making process of individuals. In this respect, the methodology used in assessing individuals’ risk tolerance becomes an important issue. However, there is lack of unique and commonly used risk tolerance measure in literature. There are mainly two different approaches in measuring risk tolerance in literature; lottery versus financial risk assessment technique (FRT). The purpose of this study is to investigate whether measurement techniques differ with different decision frames (choosing lotteries as gambling decision frame and choosing portfolio etc. as investment decision). The results show that these two different risk assessment instruments differ when measured through using lottery versus investment questions (individuals tend to be more risk tolerant when they make investment decisions). However, two different financial risk assessment instruments fall into the same line.

Keywords:

Risk Tolerance, Risk Measurement and Risk Attitudes.,

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