ORCID Profile
0000-0003-4820-0055
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Publisher: Routledge
Date: 10-06-2010
Publisher: American Psychological Association (APA)
Date: 05-2011
DOI: 10.1037/A0022245
Publisher: Springer Science and Business Media LLC
Date: 31-07-2014
Publisher: Frontiers Media SA
Date: 22-01-2016
Publisher: Oxford University Press (OUP)
Date: 11-05-2015
Publisher: Elsevier BV
Date: 02-2016
Publisher: Wiley
Date: 09-04-2013
DOI: 10.1111/SSQU.12024
Publisher: Elsevier BV
Date: 09-2008
Publisher: Proceedings of the National Academy of Sciences
Date: 18-02-2014
Abstract: Many influential models in economics, finance, and neurobiology assume risk preferences are a stable trait. In this study we find they are not. We examine the effects of chronic stress on financial risk taking by raising cortisol levels in volunteers over an 8-d period using in idually tailored hydrocortisone regimens. We find that they become more risk-averse and that the overweighting of small probabilities becomes more exaggerated among men relative to women. We designed our protocol to maintain ecological validity: The increase in cortisol among participants replicated levels we had previously observed in real traders when faced with uncertainty and market volatility. Physiology-induced shifts in risk preferences may thus be a cause of market instability that has been hitherto overlooked by economists, risk managers, and central bankers.
Publisher: Public Library of Science (PLoS)
Date: 23-09-2014
No related grants have been discovered for Markus Schaffner.