RICCIARDI, Victor, 2008. Risk: Traditional Finance Versus Behavioral Finance.
In: Frank J. FABOZZI, ed., Handbook of Finance: Volume 3: Valuation, Financial Modeling, And Quantitative Tools, Wiley, pp. 11–38.
Cultural Differences in Risk Aversion
Barsky, et al. (1997) found that the highly educated, very wealthy, heavy drinkers, those without health insurance, immigrants, Jewish, Hispanics and (especially) Asians are risk seeking, whilst those with an average education, average wealth, average income, employees with health insurance and people in their sixties tend to be risk averse.
Hsee and Weber (1999) found that the Chinese are more risk-seeking than Americans in the investment domain.
Lau and Ranyard (2005) found that the Chinese exhibited significantly less probabilistic thinking and made riskier gambling decisions than the English.