Income and choice under risk
Arnt O. Hopland (),
Egil Matsen and
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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
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
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
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Journal Article: Income and choice under risk (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:nst:samfok:14313
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