Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/223355
Authors: 
Hackethal, Andreas
Kirchler, Michael
Laudenbach, Christine
Razen, Michael
Weber, Annika
Year of Publication: 
2020
Series/Report no.: 
SAFE Working Paper No. 286
Abstract: 
Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects' "true preferences". Using a systematic, large-sample approach with three subject pools of private investors, professional investors, and students, we test the effect of task-related monetary incentives on risk preferences elicited in four standard experimental tasks. We find no systematic differences in behavior between subjects in the incentivized and non-incentivized regimes. We discuss implications for academic research and for applications in the field.
Subjects: 
Experimental Economics
Incentives
Risk Aversion
Risk Preferences
JEL: 
C91
D01
D81
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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