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Methodology of our assessmentСтр 1 из 2Следующая ⇒
Introduction In economics risk aversion is the behavior of humans when exposed to uncertainty, to attempt to reduce that uncertainty. It is the reluctance of a person to accept a bargain with an uncertain payoff rather than another bargain with more certain, but possibly lower, expected payoff. Multiple experiments and studies in sociology, psychology and finance have shown that women and men tend to respond to risks differently, with women generally more risk averse. Gender differences have been found in attitudes toward risks associated with recreational and social activities; risky behavior such as neglecting to wear the seat belt; smoking, alcohol and illicit drug use; criminal activities; and financial decisions. To explain the differences in risk aversion, some researchers point to economic and evolutionary reasons, while others have focused on how individuals evaluate the likelihood of potential financial outcomes, or wealth resulting from different investment options. We decided to check this hypothesis on practice as well as we wanted to estimate whether the KSE students and graduates differ by risk-averseness from the students and graduates from other universities. So initial goals of our project were as follows: 1) To test hypothesis that on average women are more risk-averse than man; 2) To investigate whether KSE students and graduates are less risk-averse than students and graduates of other universities.
Methodology of our assessment Data collection We performed two online survey via social networks (create questioner by using Google form service) and obtain data from 230 responders. The main target audience was in the age range between 19 and 29 years, through there were two outliers of 13 and 59 years old. The average age of responder was 26 years. 185 males were surveyed and 45 females. The average age among males was 27 years, among females 23 years. The survey was targeted for the students and graduates from Ukraine, but also we received responses from CIS, Israel and Poland. 28 responders were from KSE (12 males and 16 females). Specifically, it was assumed that mainly respondents (except one) are adults with high education. But we received 24 responds from people with no high education (23 males and 1 female). The survey was completely anonymous.
Graph 1. Distribution of responders by age and gender.
Differences in two questionnaires As long as we have collected unequal amount of responses for our two questionnaires that are slightly different, we decided to randomly select equal samples for 2 groups. Table 1. Differences between two questionnaires
Risk attitude estimation The survey contained 3 general questions (age, university, gender), 2 questions focused on responder’s self-estimation and 3 questions aimed to measure the riskiness. We divided our responders in two groups and asked them different questions, that indicate risk-averseness. Each of these questions had 2 outcomes, which shows responder’s attitude to risk. For answers which, in our opinion, show risk-averseness we gave 0 points, for those, which show risk-loving - 0.33 of points. Then the points were summed and it was supposed that based on the obtained data all the responders will be divided into three groups:
13. risk-averse (or risk-avoiding) – 0 point; 14. risk-neutral – 0.33 - 0.66 point; 15. risk-loving (or risk-seeking) – 1 point.
Analysis and results of our survey Whole sample (230 observations) Based on the results of our survey we saw that on average males are more risk-averse than females, which contradicts with our first hypothesis. KSE students and graduates in comparison to other universities are more risk-seeking, especially females, but more risk-averse in comparison to responders without high education. Female students from KSE on average showed the highest level of risk-seeking (except one outlier – female student without high education) and what seems controversial male students from KSE showed the highest level of risk-aversion. Table 3. Average risk-averseness level of responders
Remark: * Risk-aversion scale from 0 to 1 (0 for risk-averse, 1 for risk-loving).
Let’s consider risk attitude of our respondents toward gain/lose money and education. Self-estimation According to students’ responses higher amount of girls consider themselves as risk-lovers and hard-working students. We decided to check whether it is true. Results As a result, slightly different questions showed us significant differences in risk seeking and risk aversion. Conclusions Results of our survey did not confirm our first initial hypothesis that females are more risk-averse than males. Based on the analysis of responds obtained from our sample we can see that on average males are more risk-averse than females. However, we received confirmation for our second hypothesis, that KSE students and graduates on average are more risk-seeking in comparison to student and graduates of other universities. In addition, our investigation shows that KSE students on average are more risk-averse in comparison to responders without high education. Female students from KSE showed on average the highest level of risk-seeking. On a counterweight male KSE students showed the highest level of risk-aversion. It seems a bit controversial and could be explained by small sample and some kind of biased selection. Our results are just informative and could not be not spread for the whole population. The sample was small and non-representative and we guess, that it was bias, because the survey was performed through social networks. Although the risk-aversion depend on many factors and age plays the crucial role. Taking into account that we were investigated main age category of 20-30 years with high education we can suppose that it was one of the reasons, why the initial hypothesis of woman higher risk-averseness was not confirmed. Introduction In economics risk aversion is the behavior of humans when exposed to uncertainty, to attempt to reduce that uncertainty. It is the reluctance of a person to accept a bargain with an uncertain payoff rather than another bargain with more certain, but possibly lower, expected payoff. Multiple experiments and studies in sociology, psychology and finance have shown that women and men tend to respond to risks differently, with women generally more risk averse. Gender differences have been found in attitudes toward risks associated with recreational and social activities; risky behavior such as neglecting to wear the seat belt; smoking, alcohol and illicit drug use; criminal activities; and financial decisions. To explain the differences in risk aversion, some researchers point to economic and evolutionary reasons, while others have focused on how individuals evaluate the likelihood of potential financial outcomes, or wealth resulting from different investment options.
We decided to check this hypothesis on practice as well as we wanted to estimate whether the KSE students and graduates differ by risk-averseness from the students and graduates from other universities. So initial goals of our project were as follows: 1) To test hypothesis that on average women are more risk-averse than man; 2) To investigate whether KSE students and graduates are less risk-averse than students and graduates of other universities.
Methodology of our assessment Data collection We performed two online survey via social networks (create questioner by using Google form service) and obtain data from 230 responders. The main target audience was in the age range between 19 and 29 years, through there were two outliers of 13 and 59 years old. The average age of responder was 26 years. 185 males were surveyed and 45 females. The average age among males was 27 years, among females 23 years. The survey was targeted for the students and graduates from Ukraine, but also we received responses from CIS, Israel and Poland. 28 responders were from KSE (12 males and 16 females). Specifically, it was assumed that mainly respondents (except one) are adults with high education. But we received 24 responds from people with no high education (23 males and 1 female). The survey was completely anonymous.
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