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Certainty Effect In The Investment Decision Making And An Empirical Application Upon The Role Of Gender In Attitudes Toward Risk

Prospect theory is an alternative decision model developed in the context of behavioral economics. In this model, which takes into account human behaviors, it is argued that individuals can make mistakes systematically. Certainty effect is a component causing this systematic error. It is used to measure the risk attitudes of individuals in this study and analyzed by applying hypothetical choice problems to investors. Results of the analysis show that people change risk preferences according to gains and losses. The choices used to represent certainty effect are specified as a dummy variable in the analysis of logistic regression. Consequently, gender is found as a significant determinant. Women are more risk averse than men in the gains, while they are more risk seeking than men in the losses.

Prospect Theory, Certainty Effect, Risk Attitude, Gender


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