This study introduces a novel framework that consistently explains people's risk preferences. We aim to evaluate these preferences using this innovative framework quantitatively.

The framework divides risk into three categories: pure, speculative, and shooting (lottery). This explains the seemingly contradictory mix of risk-averse preferences for insurance and risk-loving preferences for lotteries. This comprehensive approach will allow us to measure the risk premium for each of the three categories, providing valuable insights for risk management strategies.

Our research plan entails conducting multiple surveys over a three-year period (initially over two years). 

The survey was conducted in FY2022, with 1,000 valid responses. As of the end of March 2024, we analyzed the survey data and measured the risk premium regarding expected value and variance pricing. We identified the distribution of subjects' risk premiums. We also conducted cross-sectional analyses and regression analyses between risk preferences for different types of risks. It showed that the magnitude of risk aversion in pure risk has almost no relation with the magnitude of risk love in shooting risk. 

We believe these findings are worth further exploration and are currently working on the design of subsequent surveys to further clarify the meanings of the findings.

We aim to publish the results in foreign or domestic journals in FY 2024.