Within-subject intra- and inter-method consistency of two experimental risk attitude elicitation methods

Dulleck, Uwe, Fell, Jacob, & Fooken, Jonas (2012) Within-subject intra- and inter-method consistency of two experimental risk attitude elicitation methods. In Proceedings of 27th Annual Congress of the European Economic Association | 66th European Meeting of the Econometric Society, Malaga, Spain.

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We compare the consistency of choices in two methods to used elicit risk preferences on an aggregate as well as on an individual level. We asked subjects to choose twice from a list of nine decision between two lotteries, as introduced by Holt and Laury (2002, 2005) alternating with nine decisions using the budget approach introduced by Andreoni and Harbaugh (2009). We find that while on an aggregate(subject pool) level the results are (roughly) consistent, on an individual(within-subject) level,behavior is far from consistent. Within each method as well as across methods we observe low correlations. This again questions the reliability of experimental risk elicitation measures and the ability to use results from such methods to control for the risk aversion of subjects when explaining e�ects in other experimental games.

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ID Code: 55880
Item Type: Conference Paper
Refereed: Yes
Keywords: risk preferences, laboratory experiment, elicitation methods, subject heterogeneity
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2012 please consult the authors
Deposited On: 20 Dec 2012 02:05
Last Modified: 12 Jun 2013 15:23

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