CORDIS Project
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This project explores human decision-making under risk, particularly focusing on skewness preferences regarding rare, high-impact events. It aims to develop a theoretical framework and conduct experiments to better understand how these preferences influence economic behavior and risk assessment.
“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 insu…
RUPRECHT-KARLS-UNIVERSITAET HEIDELBERG
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