Within-Subject Intra- and Inter-Method Consistency of Two Experimental Risk Attitude Elicitation Methods

Uwe Dulleck, Fooken Jonas and Fell Jacob
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Fooken Jonas: Queensland University of Technology,Brisbane, Australia
Fell Jacob: The Commonwealth Grants Commission,Canberra, Australia

German Economic Review, 2015, vol. 16, issue 1, 104-121

Abstract: 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 (2002, 2005) alternating with nine decisions using the budget approach introduced by Andreoni and Harbaugh (2009). 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.

Keywords: Risk preferences; elicitation methods (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1111/geer.12043

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