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How Chinese Proverbs Influence Risk Attitude and Intertemporal Decision- Making in Chinese People

Published: 30 November 2022 Publication History

Abstract

This paper focuses on whether Chinese proverbs have an impact on people's risk choice and time preference, which is a relatively new and interesting topic. The main research method used was a questionnaire survey, based on which some mathematical methods were used along with the literature to analyse and investigate. According to the overall results, it is clear that proverbs have an influence on people in both areas, implying that these factors may be relevant in future analyses of behavioural economics and that new perspectives in this field may be identified through this analysis, which may provide new ideas and approaches for solving related problems in the future.

References

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Barone, F. (2021). Knowledge is power: anthropology of proverbs. [online] Human Relations Area Files - Cultural information for education and research. Available at: <https://hraf.yale.edu/knowledge-is-power-anthropology-of-proverbs/#:∼:text=Speakers%20can%20use%20proverbs%20to,Ignorance%20is%20bliss>[Accessed 15 April 2022].
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Weng, L., Zhang, Y., Kulich, S. and Zuo, C. (2020). Cultural values in Chinese proverbs reported by Chinese college students. Asian Journal of Social Psychology, 24(2), pp.232-243.
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Weber, E., Hsee, C. and Sokolowska, J. (1998). What Folklore Tells Us about Risk and Risk Taking: Cross-Cultural Comparisons of American, German, and Chinese Proverbs. Organizational Behavior and Human Decision Processes, 75(2), pp.170-186.
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Holt, C. and Laury, S. (2002). Risk Aversion and Incentive Effects. American Economic Review, 92(5), pp.1644-1655.
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Cheng, P. (2020). Proverbs and sayings: Understanding a culture's biases, thoughts and way of life. [online] ThinkChina - Big reads, Opinion & Columns on China. Available at: <https://www.thinkchina.sg/proverbs-and-sayings-understanding-cultures-biases-thoughts-and-way-life>[Accessed 25 March 2022].
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Sundheim, D. (2013). Do Women Take as Many Risks as Men?. [online] Harvard Business Review. Available at: <https://hbr.org/2013/02/do-women-take-as-many-risks-as>[Accessed 25 March 2022].
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Ridout, A. (2019). Do Female Entrepreneurs Approach Risk-Taking In Business Differently?. [online] Forbes. Available at: <https://www.forbes.com/sites/annieridout/2019/06/10/do-female-entrepreneurs-approach-risk-taking-in-business-differently/?sh=1f7fb2a85bdd>[Accessed 25 March 2022].
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O'Donoghue, T., & Rabin, M. (1999). Doing it now or later. American Economic Review, 89(1), 103-124.
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Latham, A.J., Miller, K., Norton, J. et al. (2021). Future bias in action: does the past matter more when you can affect it?. Synthese 198, 11327–11349 (2021).
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Xiao, J. and Porto, N. (2019). Present bias and financial behavior. FINANCIAL PLANNING REVIEW, 2(2).
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Wang, Y., Sloan, F.A. (2018). Present bias and health. J Risk Uncertain 57, 177–198 (2018). https://doi.org/10.1007/s11166-018-9289-z
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Sharma, A. (2018). Troubles with people who think they are always right. [online] Medium. Available at: <https://medium.com/@abhijitsharma69/troubles-with-people-who-think-they-are-always-right-a5a19cf8526d>[Accessed 15 April 2022].

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  1. How Chinese Proverbs Influence Risk Attitude and Intertemporal Decision- Making in Chinese People

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    ICEME '22: Proceedings of the 2022 13th International Conference on E-business, Management and Economics
    July 2022
    691 pages
    ISBN:9781450396394
    DOI:10.1145/3556089
    This work is licensed under a Creative Commons Attribution International 4.0 License.

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    Association for Computing Machinery

    New York, NY, United States

    Publication History

    Published: 30 November 2022

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    Author Tags

    1. Proverbs, risk attitude, present bias, confirmation bias
    2. gender, decision, time

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