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http://hdl.handle.net/10419/37190
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| Title: | | Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison  |
| Authors: | | Wichardt, Philipp C. Lönnqvist, Jan-Erik Verkasalo, Markku Walkowitz, Gari |
| Issue Date: | | 2010 |
| Series/Report no.: | | Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Measuring Risk Preferences G6-V3 |
| Abstract: | | This paper compares two prominent empirical measures of individual risk attitudes - the Holt and Laury (2002) lottery-choice task and the multi-item questionnaire advocated by Dohmen, Falk, Huffman, Schupp, Sunde and Wagner (forthcoming) - with respect to (a) their correlation with actual risk-taking behaviour in the lab - here the amount sent in a trust game, and (b) their within-subject stability over time (one year). As it turns out, only the questionnaire measure is correlated with actual risk-taking behaviour (both studies) and with the Big Five personality measure (gathered prior to study 1); and the measures themselves are uncorrelated (both studies). Most importantly, however, both individual risk-taking behaviour and the questionnaire measure exhibit a significant high test-retest stability (r = 0:70 and r = 0:79, resp.), while virtually no such stability is present in the lottery-choice task. Thus, the results suggest that the questionnaire measure is more reliable in eliciting individual risk attitudes than the lottery-choice task. Moreover, with respect to trust, the data further support the conjecture that trusting behaviour indeed has a component which itself is a stable individual characteristic (Glaeser, Laibson, Scheinkman and Soutter, 2000). |
| Subjects: | | Risk Attitudes Trust Personality Lab Experiments |
| JEL: | | D81 C91 Z10 |
| Document Type: | | Conference Paper |
| Appears in Collections: | | Jahrestagung des Vereins für Socialpolitik 2010 (Kiel): Ökonomie der Familie
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