Revalidating a survey instrument for measuring risk preferences

Anika Bittner, Alexander Haering, Timo Heinrich and Thomas Mayrhofer

Economics Letters, 2024, vol. 242, issue C

Abstract: Survey instruments are often a cost-effective alternative to eliciting preferences via incentivized experiments. We revalidate a survey instrument used for measuring risk preferences in the influential Global Preferences Survey. We find that the instrument consisting of a quantitative and a qualitative item predicts risk aversion in a Chinese, an American and a German sample. For out-of-sample predictions, the combination of both items is preferable compared to using only one of the two items.

Keywords: Survey validation; Experiment; Risk preferences (search for similar items in EconPapers)
JEL-codes: C81 C91 D81 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:242:y:2024:i:c:s0165176524003355

DOI: 10.1016/j.econlet.2024.111851

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