EconPapers    
Economics at your fingertips  
 

Eliciting individual risk attitudes – different procedures, different findings

Sven Gruener (), Norbert Hirschauer () and Felix Krüger

No 7bwyq, SocArXiv from Center for Open Science

Abstract: We compare three procedures for eliciting individual risk attitudes: Holt-and-Laury (2002), Eckel-and-Grossman (2002), and the general willingness-to-take-risks question of the German socio-economic panel (Dohmen et al. 2011). Using a within-subject design, we carry out a classroom experiment with students who are enrolled in the degree programs Physics, Computer Sciences, Agricultural Sciences, Law, and History. We find that the risk attitudes as measured by the three procedures diverge substantially. This poses a serious challenge to the validity of these measurement instruments. Reconnoitering the room for improvement in the elicitation of risk atti-tudes, we discuss potential reasons for this divergence such as flawed design, overhasty interpretations, and confusion on the conceptual level.

Date: 2018-08-21
New Economics Papers: this item is included in nep-rmg
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://osf.io/download/5b7c0a8dd4676c0019ac2422/

Related works:
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:osf:socarx:7bwyq

DOI: 10.31219/osf.io/7bwyq

Access Statistics for this paper

More papers in SocArXiv from Center for Open Science
Bibliographic data for series maintained by OSF ().

 
Page updated 2020-01-28
Handle: RePEc:osf:socarx:7bwyq