incorrectly. Just over a third of participants answered both downside risk questions correctly (33.9%), while the remainder answered one question correctly (15.3%). Table . Overall percentage of correct responses to downside risk questions. Number of Percentage of questions participants answered correctly 0 50.8% 1 15.3% 2 33.9% Table 6 presents results of each individual question, broken down by percentage size and question order. The results were remarkably stable: The percentage of correct responses ranged in a narrow band, from 38.8% for +/-10% first, to 44.3% for +/-50% last. For the first question of the survey, the modal response was to its “equal initial value”, for both +/-10% and +/-50% questions. The correct answer than “less its initial value”, was the other most common response. Therefore, in all the regression analyses that follow, multinomial logistic regression will be used to predict the likelihood of a response shifting from equal to- to less than-its initial value. Table . Responses to each downside risk question. Response First Last +/-10% +/-50% +/-10% +/-50% More than its 14.6% 12.5% 13.5% 13.4% initial value Equal to its 43.9% 43.6% 38.9% 38.4% initial value Less than its 38.8% 41.3% 41.9% 44.3%
incorrectly. Just over a third of participants answered both downside risk questions correctly (33.9%), while the remainder answered one question correctly (15.3%). Table . Overall percentage of correct responses to downside risk questions. Number of questions answered correctly Percentage of participants 0 50.8% 1 15.3% 2 33.9% Table 6 presents results of each individual question, broken down by percentage size and question order. The results were remarkably stable: The percentage of correct responses ranged in a narrow band, from 38.8% for +/-10% first, to 44.3% for +/-50% last. For the first question of the survey, the modal response was “equal to its initial value”, for both +/-10% and +/-50% questions. The correct answer “less than its initial value”, was the other most common response. Therefore, in all the regression analyses that follow, multinomial logistic regression will be used to predict the likelihood of a response shifting from equal to- to less than-its initial value. Table . Responses to each downside risk question. Response First Last +/-10% +/-50% +/-10% +/-50% More than its initial value 14.6% 12.5% 13.5% 13.4% Equal to its initial value 43.9% 43.6% 38.9% 38.4% Less than its 38.8% 41.3% 41.9% 44.3%
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