ELICITING RISK AND TIME PREFERENCES USING FIELD EXPERIMENTS: SOME METHODOLOGICAL ISSUES

Glenn Harrison, Morten Igel Lau, Elisabet E. Rutström and Melonie B. Sullivan

A chapter in Field Experiments in Economics, 2005, pp 125-218 from Emerald Group Publishing Limited

Abstract: We design experiments to jointly elicit risk and time preferences for the adult Danish population. The experimental procedures build on laboratory experiments that have used traditional subject pools. The field experiments utilize field sampling designs that we developed, and procedures that were chosen to be relatively transparent in the field with non-standard subject pools. Our overall design was also intended to be a general template for such field experiments in other countries. We examine the characterization of risk over a wider domain for each subject than previous experiments, allowing more precise estimates of risk attitudes. We also examine individual discount rates over six time horizons, as the first stage in a panel experiment in which we revisit subjects to test consistency and stability of responses over time. Risk and time preferences are heterogeneous, varying by observable individual characteristics. On a methodological level, we implement a refinement of existing procedures which elicits much more precise estimates, and also mitigates framing effects.

Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
Working Paper: Eliciting risk and time preferences using field experiments: Some methodological issues (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:rexezz:s0193-2306(04)10005-7

DOI: 10.1016/S0193-2306(04)10005-7

Access Statistics for this chapter

More chapters in Research in Experimental Economics from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().