End-o -Li e Decisions o Wind Fa ms:
An Oppo uni y o Clima e Ac ion and o Ene gy Communi ies
Repo : Communi y Risk A e sion Measu es om China,
F ance, I eland and USA
Wo k Package 7.3
Mon h 42/48, Aug 2025
Au ho s: Ma ceau Delna e and Pe e Deeney
Wind Value Funding Re : IRC*21/PATH-A/9348 Pe e Deeney SFI-IRC Pa hway P og
Oc obe 6, 2025
Con en s
1 In oduc ion 3
2 Me hod 3
2.1 Backg ound....................................... 3
2.2 TheQues ionnai e ................................... 3
2.3 Resea chQues ions................................... 3
2.4 Sco ingMe hod..................................... 4
2.5 Da aCleaning ..................................... 4
3 Resul s 5
3.1 Sel -Assessed Risk Beha io . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
3.2 Demog aphicS udy .................................. 6
3.2.1 Analysis o he isk-a e sion sco e . . . . . . . . . . . . . . . . . . . . . . 7
3.2.2 Analysis o he sel -assessed isk-lo ing sco e . . . . . . . . . . . . . . . . 9
3.2.3 Analysis o he e o sco e . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
3.2.4 Conclusion on he demog aphic RA and SARL analysis . . . . . . . . . . 11
3.3 Demog aphic and Gende S udy . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
3.3.1 Gene al gende analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
3.3.2 SARL and e o sco es among gende . . . . . . . . . . . . . . . . . . . . 13
3.3.3 Resul s in ega d o demog aphy . . . . . . . . . . . . . . . . . . . . . . . 15
3.3.4 Conclusion on he gende ed demog aphic analysis . . . . . . . . . . . . . . 15
3.4 Links wi h Wind Value Ques ions . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
4 Conclusions 17
1
The Wind Value p ojec is based in he Sus ainabili y Ins i u e o Uni e si y College Co k
(UCC), I eland wi h assis ance om Co k Uni e si y Business School, UCC. The ou pu om
he Wind Value p ojec is in he e a Zenodo. The PI, Pe e Deeney, may be ound a he
Cleane P oduc ion P omo ion Uni , G0.3, En i onmen al Resea ch Ins i u e, Ellen Hu chins
Building, Lee Road, Co k T23 X10, I eland. The Resea ch Team comp ises: Luca Be na di,
Ke in Campbell, Pe e Deeney, Ma ceau Delna e, Clai e Ducou ieux, Niall Dunphy, Fabian
Gogolin, Paul Leahy, Do cas Allan Mikindani, John O’B ien and Rebecca Windeme .
The au ho s o his epo a e Ma ceau Delna e and Pe e Deeney. The wo k he e ex ends
ea lie wo k led by Ke in Campbell in Bax e e al. (2023) and Qianhui Chen in Chen &
Deeney (2024). Ma ceau Delna e w o e his epo du ing an in e nship on Wind Value p ojec
du ing he summe o 2025. He is s udying as a enginee ing s uden in he Ecole des Mines
de Sain -E ienne in F ance. Pe e Deeney, who edi ed he epo , is he p ojec ’s p incipal
in es iga o .
Sugges ed Ci a ion: Delna e, M. & Deeney, P. (2025) Repo : Communi y Risk A e sion
Measu es om China, F ance, I eland and USA. Zenodo, h ps://zenodo.o g/ eco ds/13995914,
Accessed (da e). DOI
Execu i e Summa y
The Wind Value esea ch p ojec seeks o es ima e a inancial alua ion o onsho e wind a ms
in I eland. I will de elop decision suppo ools which will assis wind a m manage s in deciding
be ween decommissioning, e-powe ing, and li e-ex ension o he end-o -li e o a wind a m. This
esea ch will also assis local communi ies who may be in e es ed in buying pa o all o hei
local wind a m.
In his epo he isk appe i es o pa icipan s in China, F ance, I eland and USA a e
compa ed. We ind ha he lowes isk appe i e is displayed by F ench pa icipan s, and ha
Chinese women ha e he la ges di e ence be ween hei sel epo e d isk appe i e ( e y low)
and hei measu ed isk appe i e (low).
This publica ion has emana ed om esea ch conduc ed wi h he inancial suppo o Taighde
Éi eann – Resea ch I eland unde G an numbe IRC*21/PATH-A/9348.
2
1 In oduc ion
The Wind Value esea ch p ojec aims o assis communi ies who wish o in es in wind ene gy.
Pa o his equi es an unde s anding o he isk appe i e and isk a e sion o hose who may
wish o in es . In his epo he isk a e sion and isk appe i e om ou g oups o pa icipan s
in di e en coun ies is compa ed. I is impo an o unde s and his opic as any in es men
ehicle aimed a non-p o essional in es o s, mus o e as low- isk a p oduc as possible, and
mus unde s and he isk appe i e o in es o s. This epo does no claim o su ey he isk
appe i es o ou coun ies, bu o gi e an insigh in o he me hods which can be used e en a a
small scale.
2 Me hod
2.1 Backg ound
This esea ch builds on he s udies o Anna i a Colasan e and Luca Ricce i
1
which used a
ques ionnai e o assess he isk a e sion o pa icipan s. This me hod was used in ea lie Wind
Value epo s by Bax e e al. (2023) and Chen & Deeney (2024) o assess isk a e sion o
small samples o I ish and Chinese pa icipan s espec i ely. He e he sample was ex ended o
include addi ional I ish pa icipan s (collec ed by Do cas Mikindani), and new pa icipan s om
F ance (collec ed by Ma ceau Delna e) and USA (collec ed by Pe e Deeney).
2.2 The Ques ionnai e
The ques ionnai e is di ided in o wo pa s: he i s being he ques ions on inancial isk
aken om he Colasan e and Ricce i (2020, 2021), and he second pa being a mix o Wind
Value-speci ic ques ions and demog aphic ques ions.
The isk a i ude ques ionnai e was dis ibu ed o Ame ican and F ench s uden s, and I ish
and Chinese communi ies using he collec o s’ ne wo ks (and ansla ed in o he espec i e
na ionali ies’ languages). This epo will de ail he analysis o he answe s ecei ed, hei
implica ions, and he co ela ion be ween di e en indica o s.
Fo he second pa , ques ions include a ing he likelihood o in es ing in wind a ms, he
amoun s ha one would in es , as well as he demog aphic inqui ies.
Na ionali y USA F ance I eland China To al
Ini ial Responses 34 34 108 68 240
Final Numbe 34 34 95 61 220
Ques ions US-Q FR -Q IE-Q CN-Q
Answe s US-A FR-A IE-A CN-A
Table 1: Numbe o esponses ob ained pe na ionali y, and links o he Zenodo pages o copies o he
ques ionnai es and esponses.
As will be explained la e , some esponses we e uled ou , ei he on he basis o a low
a ionali y sco e o because o a lack o answe ed ques ions.
2.3 Resea ch Ques ions
•
RQ1: Is he e a non-ze o co ela ion be ween isk a e sion and sel epo ed isk appe i e
in he pa icipan s?
1
Colasan e & Ricce i (2020) Risk a e sion, p udence and empe ance: I is a ma e o gap be ween momen s,
Jou nal o Beha io al and Expe imen al Finance and Colasan e & Ricce i (2021) Financial and non- inancial isk
a i udes: Wha does i ma e ? Jou nal o Beha io al and Expe imen al Finance
3
•
RQ2: Is he e a di e ence be ween USA, China, F ance and I eland o mean o he isk
a e sion and isk lo ing sco es?
•RQ3: Is he e a di e ence be ween male and emale pa icipan s’ mean isk a e sion and
isk lo ing sco es wi hin USA, China, F ance and I eland?
•
RQ4: Is he e a non-ze o co ela ion be ween isk a e sion ( es ed and sel epo ed) and
he likelihood owa ds wind a m in es men ?
2.4 Sco ing Me hod
Following Colasan e & Ricce i (2020, 2021), we calcula e a isk-a e sion sco e o each pa icipan .
A esponse o he ques ionnai e is gi en 1 poin o e e y answe ha is he same as he "Risk
a e se op ion" in Table 2 which is aken om Colasan e and Ricca i (2020). The ques ions may
be ound in Sec ion 4.
Ques ion 1 2 3 4 5 6 7 8 9 10 11 12 13
Risk a e se op ion B A B B B B A X B X B B B
Al e na e p opensi y op ion A B A A A A B A X A X A A
Table 2: “Financial isk sco es”: esponses gain 1 poin owa ds hei Risk A e sion sco e. Ques ions
wi h “X” a e no used o he compu a ion o he sco e.
The isk a e sion sco es a e associa ed wi h lowe second and ou h momen s, and a highe
hi d momen . The i s momen , being he a e age gain/loss, was he same o bo h A/B
op ions e e y ques ion, excep ques ion ze o.
Addi ionally, we also ha e a sel -assessed isk-lo ing sco e (SARL), whe e pa icipan s anked
hemsel es om 0 ( o ally isk-a e se) o 10 ( o ally isk-lo ing). F om ha , we can ob ain a
simple sel -assessed isk-a e sion sco e (SARA) and an e o alue wi h he ollowing logic:
Risk-a e se (RA) sco e x
Sel -assessed isk-lo ing (SARL) sco e y
Sel -assessed isk-a e sion (SARA) sco e 11 - y
E o (SARA sco e - RA sco e) (11 - y) - x
Table 3: Sco ing Me hod
No e ha he SARL sco e is on a scale om 0 o 10 while he isk-a e se sco e is om 0 o
11. We should hen ha e esized he SARL sco e o his ange by mul iplying i by a ac o
o 11/10. Howe e , we ha e no done his o wo easons:(i) No pa icipan sco ed 0 on he
RA sco e, essen ially making i a 1-11 sco e, which is he same ange as he SARA sco e; and
(ii) Resizing he SARL o 0-11 makes he E o sco e no an in ege , ende ing analysis o he
alues mo e complica ed.
We belie e ha hese easons jus i y ou choice o a iables.
2.5 Da a Cleaning
As shown in Table 1, some answe s ha e no been conside ed in he inal da a analysis, o wo
main easons :
•
Some pa icipan s didn’ answe enough ques ions hus making hei da a i ele an o
analyze;
•
Some pa icipan s sco ed below 3 ou o 5 on he a ionali y sco e de ailed by Colasan e
and Ricce i.
4
The a ionali y sco e o one’s answe s is de ined as anging om 0 o 5 ; i is calcula ed on a ew
ques ions, and i he answe s chosen p esen an i a ional beha io .
Fo ins ance, choosing Op ion A o Ques ion 0 (pa icipa ing in a lo e y wi h posi i e
expec ed gain and no loss) adds 1 poin o he a ionali y sco e ; choosing Op ion B gi es 0.
The de ails o his sco e a e explained in Colasan e and Ricce i (2020). Colasan e and Ricce i
(2021) a gued in hei pape ha answe s sco ing below 3 should no be conside ed, as hey
don’ showcase a logical enough answe selec ion o be analyzed.
A e he sc eening o such "i a ional" esponses, and hose wi h oo ew ques ions answe ed,
a o al o 20 pa icipan s we e emo ed.
3 Resul s
3.1 Sel -Assessed Risk Beha io
The i s ques ion we will answe is whe he we see a co ela ion be ween he isk a e sion sco e
as measu ed by he answe s o he ques ionnai e, and he sel -assessed isk-lo ing sco e.
Figu e 1: SARL and RA sco es sca e plo
As he sca e plo o Figu e 1 shows, a end o co ela ion seems o exis be ween he es ed
sco e and he isk-lo ing sco e ob ained om pa icipan s hemsel es. We ob ain a co ela ion
alue o -0,3842 and a - alue o -6,1309, which gi es us a p- alue o below 0,000 o bo h
wo- ailed and one- ailed es . (No e ha he comma indica es a decimal poin , ollowing F ench
usage.)
A Fishe z- es allows us o es he co ela ion alue o signi icance. Ou null hypo hesis
and ou al e na i e hypo hesis a e
H0:p= 0,25 and Ha:p > 0,25
using hese alues, we can ind ha ou co ela ion ob ains a z- alue o 2,2039, which alida es
ou al e na i e hypo hesis o a non-ze o co ela ion.
5
Because o he linea na u e be ween he SARL and SARA sco e, we can conclude ha he e
is a signi ican , mode a e, co ela ion be ween he es ed (RA) and sel -assessed isk a e sion
(SARA) sco e.
3.2 Demog aphic S udy
The ollowing sec ions will ocus on he isk-a e sion ques ions, hei ela ion o demog aphics,
and compa ing ou esul s wi h he Colasan e & Ricce i.
The i s esul we ob ain is he o al sco e dis ibu ion, anging om 0 ( o ally isk-lo ing)
o 11 ( o ally isk-a e se). In ou pool o answe s, no single pa icipan sco ed a 0, which is in
line wi h Colasan e and Ricce i’s esul s. 0.42% o hei answe s ob ained a sco e o 0, which in
ou case would be 0.924 pa icipan s on a e age. No e, each axis in he ollowing g aphs will be
om 1 o 11.
Figu e 2: Sco e Dis ibu ion Ba G aph
6
RA Sco e # o Responses
13
25
39
410
526
637
748
845
925
10 12
11 4
Table 4: To al Sco e Dis ibu ion
Figu e 2 and Table 4 showcase he dis ibu ion o sco es in he answe s we ob ain om ou
pa icipan s. In Figu e 2, we also ha e he sco e dis ibu ion o Colasan e & Ricce i’s s udy.
We can see ha ou dis ibu ion is skewed owa ds a highe isk-a e sion a e age ( owa ds a
sco e o 11) compa ed o hei s. As we will see a e , i migh be a esul o ou pa icipan s’
demog aphic dis ibu ion.
As Table 1 shows, pa icipan s o his s udy a e no dis ibu ed uni o mly be ween he
di e en na ionali ies s udied.
3.2.1 Analysis o he isk-a e sion sco e
Figu e 3: Sco e Dis ibu ion G aph o each Na ionali y
7
Sco e USA F ance I eland China
10 0 2 1
20 0 1 4
33 0 4 2
41 0 3 6
57 2 12 5
612 5 10 10
74 4 25 15
85 10 20 10
90 10 9 6
10 2 2 7 1
11 0 1 2 1
Mean 6,1 7,9 6,9 6,3
S d De 1,6586 1,4218 2,0421 2,1451
Table 5: To al sco e dis ibu ion pe na ionali y
The abo e ables and g aph showcase he sco e dis ibu ion o each na ionali y, wi h he alues
o he g aph being p opo ional o he popula ion size o each na ionali y. As we can see, he
dis ibu ion a ies be ween he di e en na ionali ies.
The i s wo majo obse a ions om he abo e da a a e ha US and Chinese pa icipan s
seem o sco e lowe han he o he na ionali ies, while F ench pa icipan s sco e much highe
han he o he s on isk a e sion, wi h he I ish pa icipan s in he middle. In hei analysis,
Colasan e & Ricce i ound "Eu opean subjec s mo e isk a e se in inancial choices", and we
obse e a simila esul he e, wi h F ance and I eland ha ing he lowes a e age sco es.
In ou s udy, mo e han 57% o pa icipan s a e Eu opean, while only 15% a e om No h
Ame ica. Colasan e & Ricce i did no speci y he numbe o pa icipan s om each na ionali y
in hei pape s, bu i hey had a highe p opo ion o No h Ame ican answe s, i would explain
he di e ence in ou dis ibu ion compa ed o hei s. A highe numbe o US pa icipan s would
skew ou dis ibu ion owa ds lowe isk-a e sion alues and make i look mo e simila o C&R’s
dis ibu ion.
FRA IRE CN
USA 4,7887 2,2295 0,4487
FRA / 3,1308 4,4018
IRE / / 1,7664
(a) - alues o he unpai ed - es s be ween he
means o wo na ionali ies
FRA IRE CN
USA ≤0,001 0,029 0,655
FRA / 0,002 ≤0,001
IRE / / 0,078
(b) p- alues o he unpai ed - es s be ween he
means o wo na ionali ies
Table 6: Resul s o di e ence o means using unpai ed - es s be ween he sco es o each na ionali y
We ha e u he analyzed he di e ence be ween he esul s o di e en na ionali ies by
pe o ming an unpai ed S uden ’s - es be ween each pai o na ionali ies. F om he esul s
abo e, we can conclude he ollowing:
•The F ench sco e dis ibu ion is hugely signi ican ly di e en om all o he o he s;
•
The US sco e dis ibu ion is signi ican ly di e en om he Eu opean ones, bu no om
he Chinese dis ibu ion;
•
The Chinese and I ish dis ibu ions exhibi s di e ences, bu he null hypo hesis can’ be
ejec ed.
8
The SARL and e o sco e, unlike he RA sco e, show a signi ican di e ence be ween men
and women. Despi e sco ing simila esul s on he es , men in his s udy ha e a endency o
judge hemsel es as mo e isk-lo ing han women. The co ela ion be ween e o and gende
indica es ha he e is somewha a bias o men o a e hemsel es as mo e isk-lo ing han wha
hey sco e, while women a e less subjec o his e o .
3.3.3 Resul s in ega d o demog aphy
SARL US(M) US(W) FR(M) FR(W) IR(M) IR(W) CH(M) CH(W)
A e age 5,6190 4,9167 3,9130 3,3636 4,9714 4,7083 5,6765 3,5000
S d. De . 1,7314 2,0599 1,7424 1,4938 2,0069 1,7073 1,9811 1,6720
Pop Size 21 12 23 11 35 48 34 22
- alue 0,9970 0,9494 0,6275 4,4197
Table 17: SARL sco e da a pe gende and na ionali y
Wi h his da a, we no ice a e y skewed esul . Among he US, F ench and I ish demog aphic,
he di e ence in he SARL sco e is no signi ican ( he - alues would ha e o be
≥
1
,
7). Howe e ,
in he Chinese demog aphic, he di e ence is signi ican ly p ominen , ha ing a p- alue
≤
0
,
001.
SARL US(M) US(W) FR(M) FR(W) IR(M) IR(W) CH(M) CH(W)
A e age -0,619 -0,250 -0,913 -0,091 -0,857 -0,750 -0,706 1,091
S d. De . 2,179 2,006 2,255 1,136 2,658 1,695 2,154 2,467
Pop Size 21 12 23 11 35 48 34 22
- alue 0,493 1,413 0,209 2,796
Table 18: E o sco e da a pe gende and na ionali y
The E o sco e da a show a e y simila esul , whe e he Chinese sco es a e he only ones
p esen ing a signi ican di e ence (he e, he p- alue is 0,008). I seems ha he dispa i y seen in
he o e all esul s a e mos ly due o he Chinese sco es.
On hese wo sco es, we can no ice se e al in e es ing ac s:
•
The F ench and Chinese women ha e a e y simila a e age and s anda d de ia ion
ega ding he SARL sco e.
•
Howe e , he F ench men’s SARL sco e da a doesn’ di e as much om hei emale
coun e pa as he Chinese men’s da a do o hei coun e pa .
•
Chinese men ha e he highes a e age SARL sco e o ou popula ion while Chinese women
ha e he lowes .
•
Chinese women a e hemsel es as way mo e isk-a e se han hey eally a e, showing he
highes absolu e e o sco e.
3.3.4 Conclusion on he gende ed demog aphic analysis
Combining he gende and demog aphic s udy pain s a be e pic u e on he esul s we had.
The i s esul we ob ained is ha he e a e no eal di e ence in he es ed isk-a e sion sco es
be ween men and women om he same na ionali y. Meaning he di e ences be ween di e en
na ionali ies in he RA sco es a e d i en by sociocul u al elemen s.
Meanwhile, he esul s o he sel -assessed and e o sco es p esen a highe dispa i y be ween
women and men, ha we ini ially s udied globally. Howe e , we no iced ha he dispa i ies a e
15
no equally dis ibu ed in ou o al popula ion. Indeed, While US, F ench and I ish answe s did
no p esen signi ican di e ences be ween men and women o hese na ionali ies, he Chinese
p esen ed hea ily pa ed esul s in hei SARL and e o sco es.
3.4 Links wi h Wind Value Ques ions
In ou e sion o he ques ionnai e, se e al ques ions ega ding wind a ms and in es men we e
appended o he isk ques ionnai e. Among hese ques ions we e he ollowing:
•
Max In : I you we e o conside in es ing in a wind a m p ojec wi h an a ac i e a e
o e u n, wha is he maximum amoun you would be willing o in es ?
•
Min ROI: I you we e o conside in es ing in a wind a m p ojec , wha is he minimum
a e o e u n you would expec o ecei e on you in es men annually?
•Likeliness: Gi en you knowledge abou he bene i s o using wind ene gy, how likely a e
you o conside in es ing in a wind a m p ojec ?
The i s wo ques ions we e scaled om 0 o 3, wi h 0 being conside ed as he mos isk-a e se
answe (no in es men no ma e wha ), and 3 being he mos isk-lo ing answe (minimum ROI
and maximum in es men ). The hi d ques ion was scaled om 0, being " e y unlikely o in es "
o 4 being " e y likely o in es ". The answe s o hese ques ions we e es ed o co ela ion
agains he RA and SARL sco es.
RA Sco e SARL Sco e
Max In . Min ROI Likeliness Max In . Min ROI Likeliness
DoF 213 216 218 208 211 213
Co ela ion 0,0005 -0,0937 -0,2631 0,1421 0,1098 0,2524
- alue 0,008 1,383 4,027 2,071 1,604 3,808
Table 19: Table o co ela ion be ween RA and SARL sco e o Wind Value ela ed ques ions
In bold we ha e he co ela ions whe e hei - alues a e abo e he minimum o a
≤
0
,
05
p- alue. As we can see, he wo mos signi ican co ela ions a e bo h he sco es agains he
likeliness o in es men . We ha e also a signi ican enough co ela ion be ween he SARL sco e
and Maximum In es men , bu he co ela ion alue is low and isn’ s ong agains non null
hypo hesis. Le ’s hen ocus on he esul s conce ning Likeliness.
Figu e 9: RA - Likeliness o in es men sca e
plo
Figu e 10: SARL - Likeliness o in es men
sca e plo
The p- alues o bo h co ela ions a e
≤
0
,
001. I may seem e iden ha his link is somewha
signi ican , since i is in essence ano he sel -assessed a ing o one’s isk-lo ing beha io . Howe e ,
his ques ion is speci ically ela ed o wind a ms and no isk in gene al. We can u he ou
analysis by looking in o he co ela ion alues o each na ionali y in he same manne .
16
Tes RA - Likeliness SARL - Likeliness
Na ionali y US FR IR CN US FR IR CN
Co ela ion -0,1563 -0,1052 -0,1570 -0,2819 0,1566 0,0289 0,3209 0,2157
-Value -0,934 -0,621 -1,569 -2,392 0,936 0,169 3,486 1,767
Table 20: Co ela ion alues o RA and SARL Sco e o Likeliness o in es men , pe na ionali y
Table 20 shows ano he laye o his co ela ion. We see ha he s onges co ela ions a e
om China and I eland, o RA-Likeliness and SARL-Likeliness espec i ely. China’s co ela ion
coe icien be ween SARL sco e and Likeliness o in es men is also echnically abo e he h eshold
o a p- alue
≤
0
,
05 o one- ailed-ness, bu no o wo- ailed-ness ; while I eland’s coe icien
o RA-Likeliness is jus below he one- ailed-ness h eshold.
We can specula e ha hese esul s s em om he cul u al and socie al aspec s ega ding wind
u bines. I eland has a s ong wind a m p og am and g id, while China is quickly becoming a
wind supe powe .
4 Conclusions
Th ough ou esul s, we ha e been able o d aw answe s o all o ou p incipal esea ch ques ions.
•
RQ1 Is he e a non-ze o co ela ion be ween isk a e sion and sel epo ed isk appe i e in
he pa icipan s?.
Yes, he e is a co ela ion alue o
−
0
,
3842 (indica ing ha people ha a e hemsel es as
mo e isk-lo ing sco e lowe on he isk-a e sion es ). The coe icien holds up in a Fishe
z- es , indica ing a s ong co ela ion. The calcula ion below Figu e 1 showed us ha he
co ela ion indica es i is signi ican ly s onge han a alue o 0,25.
•
RQ2 Is he e a di e ence be ween USA, China, F ance and I eland o mean o he isk
a e sion and isk lo ing sco es?
Ou esul showed s ong di e ences be ween he ou na ionali ies we ha e on se e al
indica o s. Mos no ably, F ance’s dis ibu ions in bo h RA and SARL sco es a e e y
di e en om all o he o he s, ha ing he highes RA mean sco e and lowes SARL sco e.
The US seems o exhibi he opposi e, ha ing bo h lowes RA sco e and highes SARL
sco e, howe e he S uden es s show ha bo h dis ibu ions a e no signi ican ly di e en
enough om I eland o China. The e o sco e o all coun ies p esen simila -looking
dis ibu ions as well as close medians, a e age and a iance.
•
RQ3 Is he e a di e ence be ween male and emale pa icipan s’ mean isk a e sion and
isk lo ing sco es wi hin USA, China, F ance and I eland?
As p e ious esea ch sugges ed, he e is no di e ence be ween men and women ega ding
he isk-a e sion es sco es. Bo h dis ibu ions a e e y simila , and bo h S uden and
co ela ion es p o ed no signi ican dis inc ion be ween hem. Howe e , he SARL and
e o sco es show a di e en s o y, bo h indica ing dissimila i ies be ween men and women.
When also conside ing demog aphics, we ha e been able o conclude ha he dispa i ies
a e hugely d i en by he Chinese answe s, as hey p esen a la ge gap be ween male and
emale answe s.
•
RQ4 Is he e a non-ze o co ela ion be ween isk a e sion ( es ed and sel epo ed) and
wind a m in es men likeliness?
The e is a co ela ion be ween he likeliness o in es men in wind a ms and bo h RA
and SARL sco es. The co ela ions seem p ima ily d i en by I ish and Chinese answe s,
17
which migh be due o bo h coun ies’ s ong wind de elopmen and amilia i y wi h he
echnology.
The main esul s o he Wind Value esea ch p ojec a e ha people a e gene ally e y good
a es ima ing hei own isk appe i e, and ha he e is no e idence o a signi ican di e ence
in isk a i ude be ween women and men. Fo Wind Value his means ha communi y
in es men does no need o adjus o e o in non-p o essional isk sel -assessmen and
ha he e is no need o adjus o gende .
Re e ences
•
Bax e , N., Campbell, K., Deeney, P., Mikindani, D., Smi h, A. L. (2023) Wind Value
Repo : Donegal Communi y Engagemen Summe 2023, Zenodo, DOI 10.5281/zen-
odo.10418174
•
Chen, Q. (2024) Wind Value: Communi y Risk A i ude Answe s (China) WP 7.3, Zenodo,
DOI 10.5281/zenodo.17281554.
•
Chen, Q., Campbell, K., Deeney, P. (2024) Wind Value: Communi y Risk A i ude
Ques ionnai e (China) WP7.3, Zenodo, DOI 10.5281/zenodo.11115765
•
Chen, Q., Deeney, P. (2024) Wind Value Repo on Risk A i udes Wi hin Communi ies
WP 7.3, Zenodo, DOI 10.5281/zenodo.11147757
•
Colasan e, A., Ricce i (2020) Risk A e sion, P udence and Tempe ance: I is a Ma e o
Gap Be ween Momen s, Jou nal o Beha io al and Expe imen al Finance, 100262 DOI
10.1016/j.jbe .2019.100262
•
Colasan e, A., Ricce i (2021) Financial and non-Financial Risk A i udes: Wha does i
ma e ?, Jou nal o Beha io al and Expe imen al Finance, 100494 DOI 10.1016/j.jbe .2021.100494
•
Deeney, P. (2025) Wind Value: Communi y Risk A i ude Answe s (USA) WP7.3, Zenodo,
DOI 10.5281/zenodo.17280456
•
Deeney, P. (2025) Wind Value: Communi y Risk A i ude Ques ionnai e (USA) WP7.3,
Zenodo, DOI 10.5281/zenodo.17280381
•
Delna e, M. (2025) Wind Value: Communi y Risk A i ude Answe s (F ance) WP7.3,
Zenodo, DOI 10.5281/zenodo.17280245
•
Delna e, M., Deeney, P. (2025) Wind Value: Communi y Risk A i ude Ques ionnai e
(F ance) WP7.3, Zenodo, DOI 10.5281/zenodo.17280176
•
Mikindani, D. (2025) Wind Value: Communi y Risk A i ude Answe s (I eland) WP7.3,
Zenodo, DOI 10.5281/zenodo.17280100
•
Mikindani, D., Deeney, P. (2025) Wind Value: Communi y Risk A i ude Ques ionnai e
(I eland) WP7.3, Zenodo, DOI 10.5281/zenodo.17280004
Copy o Ques ionnai e
Q0
You ha e he oppo uni y o pa icipa e in a lo e y in which you ha e an equal chance (50%)
o winning €100 o winning no hing. The e is no ee o ake pa .
Op ion A: you pa icipa e in he lo e y
18
OR
Op ion B: you do no pa icipa e.
Q1
You can choose be ween wo in es men s:
Op ion A: o e s an equal chance (50%) o gain €5 o €15
OR
Op ion B: o e s you a ce ain gain o €10.
Q2
Suppose you ha e been ined and you ha e he oppo uni y o choose be ween wo al e na i es.
Op ion A: pay a ine o €10
OR
Op ion B: ha e an equal chance (50%) o paying ei he €5 o €15.
Q3
You may decide o pa icipa e o a lo e y in which you ha e an equal chance (50%) o gain
o lose €5000.
Op ion A: you will ake pa in he lo e y
OR
Op ion B: you do no pa icipa e.
Q4
You may decide o ake pa in a lo e y in which you ha e he an equal chance (50%) o
gain o lose €5.
Op ion A: you will ake pa in he lo e y
OR
Op ion B: you do no pa icipa e.
Q5
Op ion A: you ha e an equal chance (50%) o winning o losing €5,000
OR
Op ion B: you ha e an equal chance (50%) o winning o losing €5.
Q6
Op ion A: you ha e an equal chance (50
OR
Op ion B: you a su e gain o €10,000.
Q7
Op ion A: pay a ine o €10,000
OR
Op ion B: ha e an equal chance (50%) o paying ei he €5,000 o €15,000.
Q8
Op ion A: you ha e one chance in a million o win one million eu o
OR
Op ion B: gain €1 o su e.
Q9
Op ion A: You ha e a on in one housand chance (0.1%) o losing €1,000, o he wise you lose
no hing (ze o)
OR
Op ion B: pay €1 o su e.
Q10
Op ion A: You ha e a one in 100 chance (1%) o winning €10,000 and 99 in 100 (99%) o
losing €101
OR
Op ion B: An equal chance (50%) o winning €1000 o losing €1000.
Q11
19
Op ion A: 1% chance o lose €10,000 and 99% chance o win €101
OR
Op ion B: equal chance (50%) o win €1000 o lose €1000.
Q12
Op ion A: You ha e an equal chance (33%) o gain, €0 o €5000 o €10,000
OR
Op ion B: You ha e an equal chance (25%) o gain, €0 o €2100 o €7900 o €10,000.
Q13
Op ion A: You ha e an Equal chance (33%) o , €0 o €5000 o -€5000 (nega i e numbe
means losing)
OR
Op ion B: You ha e an Equal chance (25%) o , €2900 o €5000 o -€2900 o -€5000.
Socio-Demog aphic Ques ions
Q14 How do you see you sel : a e you in gene al a pe son who akes isk o do you y o
e ade isk? Please sel -g ade you choice be ween 0 (I do no ake isk a all) o 10 (I lo e o
ake isks). 1 2 3 4 5 6 7 8 9 10
Q15 I you we e o conside in es ing in a wind a m p ojec , wha is he minimum a e o
e u n you would expec o ecei e on you in es men annually?
0%-5%
5%-10%
Mo e han 10%
The e u n on in es men is i ele an , I would no in es in a wind a m p ojec .
Q16 I you we e o conside in es ing in a wind a m p ojec wi h an a ac i e a e o e u n,
wha is he maximum amoun you would be willing o in es ?
€1-€20,000
€20,000-€50,000
Mo e han €50,000
No hing, I would no in es in a wind a m p ojec
Q17 App oxima ely, wha is he dis ance om you home o he nea es wind u bine?
Less han 1km
1km-5km
5km-10km
Mo e han 10km
Q18 Wha is he main deciding ac o in you choice o elec ici y p o ide ?
P ice
Renewable Ene gy
Combina ion o P ice and Renewable Ene gy
Q19 Gi en you knowledge abou he bene i s o using wind ene gy, how likely a e you o
conside in es ing in a wind a m p ojec ?
Ve y likely
Somewha likely
Nei he likely no unlikely
Somewha unlikely
Ve y unlikely Q20 Wha op ion below do you belie e mos accu a ely desc ibes he pu pose
o wind a ms?
P o i able Business
Clima e Change Solu ion
Elec ici y Gene a ion
Q21 A e you awa e o he EU Ta ge s o Reducing Emissions by 2030?
No Awa e
Somewha Awa e
20
Ve y Awa e
Q22 Wha is you age?
18 - 24
25 - 34
35 - 44
45 - 54
55 - 64
65 - 74
75 +
Q23 Wha is you gende ? W i e you answe 26.Wha is he highes le el o educa ion you
ha e comple ed?
P ima y
Seconda y
Pos Seconda y
Uni e si y o College
21
