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.

This study proposes a framework to explainpeople's risk preferences in a consistent manner and aims to quantitativelyevaluate risk preferences using this framework. The framework divides risk into threecategories: pure risk, speculative risk, and lottery risk. This explains theseemingly contradictory mix of risk-averse preferences for insurance andrisk-loving preferences for lotteries. The research plan is to conduct multiplesurveys over a two-year period and to measure the risk premium for each of thethree categories. This year's objectives were (1) to examinethe design of the survey, particularly the ease of understanding the survey questions by respondents,(2) to verify the validity of the method by conducting the first round of the survey,and (3) to obtain 1,000 valid responses.As of the end of March, (1) to (3) above progressedas expected. In FY2023, we plan to analyze the dataobtained from the first survey and measure the risk premium, design and conductthe second and subsequent surveys, analyze the data, and publish the results inforeign or domestic journals.