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Income and choice under risk

Arnt O. Hopland (), Egil Matsen and Bjarne Strøm
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Arnt O. Hopland: Department of Economics, Norwegian University of Science and Technology

Working Paper Series from Department of Economics, Norwegian University of Science and Technology

Abstract: This paper studies the relationship between income and risky choice in a field ex- periment where stakes are of first-orderimportance to the subjects' living standards. We combine observations of stopping decisions in a Norwegian game show with reliable data on each subject's income. Participants in the experiment are randomly drawn from a large subject pool that is representative of the Norwegian population. Our re- sults clearly indicate that people are risk-averse in making large-stake choices and that decision makers with high income are more willing to accept nancial risk.

Keywords: Risky choice; Field experiment (search for similar items in EconPapers)
JEL-codes: C9 C93 D81 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2013-04-16
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
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http://www.svt.ntnu.no/iso/WP/2013/05_Millionsjansen_AOH_EM_BS.pdf (application/pdf)

Related works:
Journal Article: Income and choice under risk (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:nst:samfok:14313

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