LOST IN STATE SPACE: ARE PREFERENCES STABLE?

Steffen Andersen, Glenn Harrison, Morten Lau and Elisabet Rutstrom

International Economic Review, 2008, vol. 49, issue 3, 1091-1112

Abstract: We use field experiments to examine the temporal stability of risk preferences. Over a 17-month period, we elicited risk preferences from subjects chosen to be representative of the adult Danish population. During this period we revisited many of these subjects and repeated a risk aversion elicitation task. We find some variation in risk attitudes over time, but we do not detect a general tendency for risk attitudes to increase or decrease over a 17-month span. The results also suggest that risk preferences are state contingent with respect to personal finances. Copyright © 2008 the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 2008
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