Table 3. Preferences toward Risk
|
Hypothetical Trials |
_______Real Trials | ||||||
|
H1 |
H2 |
R1 |
R2 |
R3 |
R4 |
Mean | |
|
Mean risk premium |
7.75 |
8.04 |
7.00 |
6.44 |
4.96 |
3.59 |
5.50 |
|
Standard deviation |
10.64 |
7.45 |
7.50 |
7.84 |
9.75 |
10.19 |
6.96 |
|
Wilcoxon test p valuea |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
0.00 |
|
Mean risk ratio |
0.89 |
0.89 |
0.91 |
0.91 |
0.93 |
0.96 |
0.93 |
|
Standard deviation |
0.15 |
0.12 |
0.10 |
0.11 |
0.14 |
0.15 |
0.10 |
|
# Risk averse |
38 |
43 |
43 |
39 |
35 |
32 |
38 |
|
# Risk neutral |
1 |
3 |
2 |
3 |
4 |
1 |
0 |
|
# Risk seeking |
12 |
5 |
6 |
9 |
12 |
18 |
13 |
|
a Wilcoxon signed rank test. H0: Mean risk premium equal zero. | |||||||
Not graded
Quality V
Very tender
Tender
Less tender
Graded
|
Quality A |
Quality B |
Quality C |
Very tender
Tender
Less tender
Figure 1. Tenderness Grading
11