Explore the words cloud of the SkewPref project. It provides you a very rough idea of what is the project "SkewPref" about.
The following table provides information about the project.
Coordinator |
FRANKFURT SCHOOL OF FINANCE & MANAGEMENT GEMEINNUTZIGE GMBH
Organization address contact info |
Coordinator Country | Germany [DE] |
Total cost | 917˙500 € |
EC max contribution | 917˙500 € (100%) |
Programme |
1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC)) |
Code Call | ERC-2018-STG |
Funding Scheme | ERC-STG |
Starting year | 2019 |
Duration (year-month-day) | from 2019-03-01 to 2024-02-29 |
Take a look of project's partnership.
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1 | FRANKFURT SCHOOL OF FINANCE & MANAGEMENT GEMEINNUTZIGE GMBH | DE (FRANKFURT AM MAIN) | coordinator | 917˙500.00 |
“Penny-picking in front of a steamroller” describes the behavior of repeatedly taking risks with an unlikely but extreme downside in order to secure a small but likely benefit. Examples of penny-picking include risking one’s life by driving too fast or blowing up financial bubbles by speculating that they will not burst just yet. Penny-picking suggests that people underweight rare, high-impact events when making their decisions. On the other hand, individuals overpay for lottery gambles and insurances alike, suggesting just the opposite—that people overweight rare, high-impact events.
The goal of this project is to provide a fundamental understanding of humans’ skewness preferences—our attitudes toward rare, high-impact risks. I show that skewness preferences are much more influential on behavior than previously realized and thus must take a central place in the economic analysis of risk. The reason is that skewness preferences have unexpected and far-reaching implications in dynamic decision situations, and I will study their complex interaction with time.
I pursue this research agenda in three steps. First, I focus on static, one-time decision situations and define skewness preferences formally. I show that the leading economic theories—often implicitly—assign first-order importance to skewness preferences and that this observation explains much of these theories’ success. Second, I study skewness preferences in dynamic settings and analyze their complex interaction with time preferences. I propose a new model that identifies the role of skewness for repeated risk-taking. Third, I test my theoretical contributions through experiments on rare, high-impact risks in static and repeated decision situations, using a relatively novel experimental technique to implement rare, high-impact events. Out of the theoretical explanations established, I seek to identify the fundamental reasons behind phenomena such as penny-picking or the underweighting-overweighting paradox.
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The information about "SKEWPREF" are provided by the European Opendata Portal: CORDIS opendata.
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