Selection and Mode Effects in Risk Preference Elicitation Experiments

Hans-Martin von Gaudecker, Arthur van Soest () and Erik Wengström

No 08-46, Sonderforschungsbereich 504 Publications from Sonderforschungsbereich 504, Universität Mannheim, Sonderforschungsbereich 504, University of Mannheim

Abstract: We combine data from a risk preference elicitation experiment conducted on a representative sample via the Internet with laboratory data on students for the same experiment to investigate effects of implementation mode and of subject pool selection. We find that the frequency of errors in the lab experiment ist drastically below that of the representative sample in the Internet experiment, and average risk aversion is also lower. Considering the student-like subsample of the Internet subjects and comparing a tradtitional lab design with an Internet-like design in the lab gives two ways to decompose these differences into differences due to subject pool selection and differences due to implementation mode. Both lead to the conclusion that the differences are due to selection and not implementation mode. An analysis of the various steps leading to participation or non-participation in the Internet survey shows that these processes are selective in selecting subjects who make fewer errors, but do not lead to biased conclusions on risk preferences. These findings point a the usefulness of the Internet survey as an alternative to a student pool in the laboratory if the ambition is to use the experiments to draw inference on a broad population.

Pages: 29 pages
Date: 2008-02-02
Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged by Hans-Martin von Gaudecker.
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Related works:
Journal Article: Experts in experiments (2012)
Working Paper: Experts in Experiments: How Selection Matters for Estimated Distributions of Risk Preferences (2011)
Working Paper: Selection and Mode Effects in Risk Preference Elicitation Experiments (2008)
Working Paper: Selection and mode effects in risk preference elicitation experiments (2008)
Working Paper: Selection and Mode Effects in Risk Preference Elicitation Experiments (2008)
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