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TradersRisks, Decisions, and Management in Financial Markets$
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Mark Fenton-O'Creevy, Nigel Nicholson, Emma Soane, and Paul Willman

Print publication date: 2004

Print ISBN-13: 9780199269488

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199269488.001.0001

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Risk Takers

Risk Takers

Profiling Traders

Chapter:
(p.110) Chapter 6 Risk Takers
Source:
Traders
Author(s):

Mark Fenton-O'Creevy

Nigel Nicholson

Emma Soane

Paul Willman

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269488.003.0006

There have been issues regarding the extent to which an individual act is dependent on the inner forces of the individual (agency) or the surrounding circumstances (context). With regard to a nature versus nurture debate, the environmentalist side would say that conditions would determine the actions and the adaptations of the individual, while the agency side would assert that individuals control what would happen in their environments to suit their purposes and goals. This chapter looks at the economic implications of these views of traders' behaviour on the operations of financial markets. In analysing whether traders become either ‘risk seeking’ or ‘risk averse’, the chapter identifies the fallacies regarding risks and differentiates the four kinds of risks by discussing the pure probability calculus, the multi-player game, the formbook gamble, and the incalculable gamble.

Keywords:   agency, context, nature versus nurture, risk, environment

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