Eliciting risk and time preferences using field experiments: Some methodological issues

Glenn Harrison, Morten Lau, Elisabet Rutstrom and Melonie Williams

Artefactual Field Experiments from The Field Experiments Website

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 been evaluated using 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: 2006
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Citations: View citations in EconPapers (29)

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Chapter: ELICITING RISK AND TIME PREFERENCES USING FIELD EXPERIMENTS: SOME METHODOLOGICAL ISSUES (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:feb:artefa:00063

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