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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Jena Economic Research Papers No. 2007,079
Verlag: 
Friedrich Schiller University Jena and Max Planck Institute of Economics, Jena
Zusammenfassung: 
In this paper we experimentally test skewness seeking at the individual level. Several prospects that can be ordered with respect to the third-degree stochastic dominance (3SD) criterion are ranked by the participants of the experiment. We ¯nd that the skewness of a distribution has a signi¯cant impact on the decisions. Yet, while skewness has an impact, its direction di®ers substantially across subjects: 39% of our subjects act in accordance with skewness seeking and 10% seem to avoid skewness. On the level of individual decisions we ¯nd that the variance of the prospects and subjects' experience increase the probability of their choosing the lottery with greater skewness.
Schlagwörter: 
Skewness
Stochastic dominance
Decision making under uncertainty
JEL: 
D81
C91
G11
Dokumentart: 
Working Paper

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