Changes in risk-taking behavior in repetitive choice situation

반복적 의사결정시 위험선호성향의 변화

It is not rare to observe that a decision-maker frequently changes his choice strategy in the repetitive gamble choice situation. This change in risk preference attitude, however, is not well explained with the existing gamble choice models, such as Bell's disappointment-elation model which is an interesting extension of the classical MEU model. The paper shows that this change in risk preference attitude should be interpreted as a systematic transition of "d" and "e", the disappointment and elation constants of Bell's model. A laboratory experiment is also performed to identify the factors which greatly affect the decision-makers' risk preference attitude change. The number of consecutive successes/failures and the amount of remaining capital found to be statistically significant factors.significant factors.