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Does self-control depletion affect risk attitudes?

Holger Gerhardt (), Schildberg-Hörisch, Hannah and Jana Willrodt
Authors registered in the RePEc Author Service: Hannah Schildberg-Hoerisch ()

European Economic Review, 2017, vol. 100, issue C, 463-487

Abstract: A core prediction of recent “dual-self” models is that risk attitudes depend on self-control. While these models have received a lot of attention, empirical evidence regarding their predictions is lacking. We derive hypotheses from three prominent models for choices between risky monetary payoffs under regular and reduced self-control. We test the hypotheses in a lab experiment, using a well-established ego depletion task to reduce self-control, and measuring risk attitudes via finely graduated choice lists. Manipulation checks document the effectiveness of the depletion task. We find no systematic evidence in favor of the theoretical predictions. In particular, depletion does not increase risk aversion.

Keywords: Risk attitudes; Self-control; Ego depletion; Dual-self models; Experiment (search for similar items in EconPapers)
JEL-codes: D03 D81 C91 (search for similar items in EconPapers)
Date: 2017
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Working Paper: Does self-control depletion affect risk attitudes? (2017) Downloads
Working Paper: Does Self-Control Depletion Affect Risk Attitudes? (2015) Downloads
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