Risk preferences of Australian academics: where retirement funds are invested tells the story

摘要: Risk preferences of Australian academics are elicited by analyzing the aggregate distribution their retirement funds (superannuation) across available investment options. Not more than 10 % invested as if owners maximize expected utility under assumption constant relative risk aversion with an empirically plausible level aversion. An implausibly high is required to rationalize any into bonds when stocks available. 36.54 all investments can be rationalized a model loss averse preferences. Moreover, levels typically reported in experimental studies imply overinvestment bonds, which not observed data. Up 67.18 rank-dependent or Yaari’s (Econometrica 55:95–115 1987) dual parameters. A median academic behaves maximizing parameter \(\gamma \in [0.76, 0.79]\) Tversky and Kahneman (J Uncertain 5:297–323 1992) probability weighting function.