Risk Attitude and Differences on Lotteries: A Sample Study with Value Systems

Risk aversion can be influenced by different attitude variables and we consider the possibility that decision-making styles under risk conditions imply a connection with value systems. We explore with a sample survey the relationship between specific values and risk aversion measured with comparative and hierarchical lotteries. The study results demonstrate that self-oriented values lead to less risky choices while values oriented to social development and economic security lead to riskier choices.