Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand

Bernd Hardeweg, Lukas Menkhoff and Hermann Waibel

Economic Development and Cultural Change, 2013, vol. 61, issue 4, 859 - 888

Abstract: This study validates a survey-based measure of general risk attitude with an incentive compatible experiment with more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This is further confirmed by adding various sociodemographic control variables taken from a representative household survey that are related to risk attitude in plausible ways. The survey measure also predicts individual behavior toward risk in other cases and even outperforms the experimental measure in this respect.

Date: 2013
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Working Paper: Experimentally-validated survey evidence on individual risk attitudes in rural Thailand (2011)
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