Experimentally-validated survey evidence on individual risk attitudes in rural Thailand

Bernd Hardeweg, Lukas Menkhoff and Hermann Waibel

Hannover Economic Papers (HEP) from Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät

Abstract: This study validates a survey-based measure of general risk attitude by an incentive compatible experiment among more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This holds when we add various socio-demographic control variables to the survey-experiment-relation which are available from the representative household survey and which are related to risk attitude in plausible ways. The survey measure also predicts individual behavior towards risk in other cases; the survey measure even outperforms the experimental measure in this respect.

Keywords: field experiment; socio-economic survey; risk attitude (search for similar items in EconPapers)
JEL-codes: C93 D81 O1 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2011-01
New Economics Papers: this item is included in nep-agr, nep-dev, nep-exp and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (52)

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Related works:
Journal Article: Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:han:dpaper:dp-464

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