Starting Points´ Effects on Risk-Taking Behavior

Christian Schade, Martina Steul & Andreas Schröder
We formally represent the effects of prior gains and losses in a simple dynamic preference calculus based on prospect theory s value function and thoughts adapted from aspiration level theories. We investigate our predictions in questionnaire experiments. Since we document a strong effect of prior gains and losses in our main study on entrepreneurial decision making, findings are consistent with a difference between the actual status quo and temporarily invariant aspiration levels. However, the general...
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