ASYMMETRY OF RISK PERCEPTION IN VARIOUS SOCIAL ROLES

Abstract: The behavior of economic actors is profoundly influenced by biases. An attempt was made in this study to assess how much an individual’s social role influences the divergence of risk sentiment in potential gain and potential loss situations. A sociological survey was carried out, and data from the Central Bank of Russia on the borrowings of banks demonstrating different creditworthiness levels were analyzed. A technique for quantitative assessment of risk perception was suggested and applied to Russian actors. The conditions for the lowest possible asymmetry of risk perception and for its divergence in private (home and family) versus public (on-the-job) behaviors were determined. It is demonstrated how the social role influences the perception of risk premium. The results of the study can be used to correctly transfer the inferences concerning an individual’s family behaviors to their on-the-job behaviours and to build models to predict actions and to choose techniques for managing them. Keywords: Risk aversion, Probability, Risk perception, Risk premium, Bank, Creditworthiness.