How to predict gender-differences in choice under risk : a case for the use of formalized models

Women are stereotyped as more risk averse than men. Empirical and experimental investigations seem to support the stereotype, yet they tackle different and often unrelated aspects. Reliable predictions on gender specific differences in risky choices are hardly possible since there is no common or consistent theoretical underpinning. To enable predictions, this paper tries to integrate gender aspects into five main models from decision theory. We can show that according to the model considered different sources for gender differences in risky choices appear relevant. This implies that the model choice has relevant implications for predictions of gender differences in risky choice.