Within-Subject Intra- and Inter-Method Consistency of Two Experimental Risk Attitude Elicitation Methods
Jonas Fooken and
German Economic Review, 2015, vol. 16, issue 1, 104-121
type="main" xml:id="geer12043-abs-0001"> We compare the consistency of choices in two methods used to elicit risk preferences on an aggregate as well as on an individual level. We ask subjects to choose twice from a list of nine decisions between two lotteries, as introduced by Holt and Laury ) alternating with nine decisions using the budget approach introduced by Andreoni and Harbaugh ( ). We find that, while on an aggregate (subject pool) level the results are consistent, on an individual (within-subject) level, behaviour is far from consistent. Within each method as well as across methods we observe low (simple and rank) correlations.
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