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Author : Jan-Erik Lönnqvist
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (887 download)
Download or read book Measuring Individual Risk Attitudes in the Lab: Task Or Ask? written by Jan-Erik Lönnqvist and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jan-Erik Lönnqvist
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (871 download)
Download or read book Measuring Individual Risk Attitudes in the Lab written by Jan-Erik Lönnqvist and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jan-Erik Lönnqvist
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (883 download)
Download or read book Measuring Individual Risk Attitudes in the Lab: Task Or Ask? written by Jan-Erik Lönnqvist and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zuzana Brokesova
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (951 download)
Download or read book Bringing a Natural Experiment Into the Laboratory written by Zuzana Brokesova and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaohao Ding
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (61 download)
Download or read book Can We Measure Individual Risk Attitudes in a Survey? written by Xiaohao Ding and published by . This book was released on 2010 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gary Charness
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Do Measures of Risk Attitude in the Laboratory Predict Behavior Under Risk in and Outside of the Laboratory? written by Gary Charness and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the external validity of laboratory measures of risk attitude. Based on a large-scale experiment using a representative panel of the Dutch population, we test if these measures can explain two different types of behavior: (i) behavior in laboratory risky financial decisions, and (ii) behavior in naturally-occurring field behavior under risk (financial, health and employment decisions). We find that measures of risk attitude are related to behavior in laboratory financial decisions and the most complex measures are outperformed by simpler measures. However, measures of risk attitude are not related to risk-taking in the field, calling into question the methods currently used for the purpose of measuring actual risk preferences. We conclude that while the external validity of measures of risk attitude holds in closely related frameworks, this validity is compromised in more remote settings.
Download or read book Individual Risk Attitudes written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper presents new evidence on the distribution of risk attitudes in the population, using a novel set of survey questions and a representative sample of roughly 22,000 individuals living in Germany. Using a question that asks about willingness to take risks on an 11-point scale, we find evidence of heterogeneity across individuals, and show that willingness to take risks is negatively related to age and being female, and positively related to parental education and height. We test the behavioral relevance of this survey measure by conducting a complementary field experiment, based on a representative sample of 450 subjects, and find that the measure is a good predictor of actual risk-taking behavior. We use a more standard lottery question to measure risk preference, and find similar results regarding heterogeneity and determinants of risk preferences. We also estimate the coefficient of relative risk aversion for each individual in the sample based on lottery responses. Using five questions about willingness to take risks in specific domains -- car driving, financial matters, sports and leisure, career, and health -- the paper studies the impact of context on risk attitudes, finding a strong but imperfect correlation across contexts. Using data on a collection of risky behaviors from different contexts, including traffic offenses, portfolio choice, smoking, occupational choice, participation in sports, and migration, the paper compares the predictive power of all of the risk measures. Strikingly, the general risk question predicts all behaviors whereas the standard lottery measure does not. The best overall predictor for any specific behavior is typically the corresponding context-specific measure. These findings call into the question the current preoccupation with lottery measures of risk preference, and point to variation in risk perceptions as an understudied determinant of risky behavior"--Forschungsinstitut zur Zukunft der Arbeit web site.
Author :
Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (255 download)
Download or read book Individual Risk Attitudes written by and published by . This book was released on 2006 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John R. Winter
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.:/5 (138 download)
Download or read book An Investigation of the Measurement of Individual Risk Attitudes written by John R. Winter and published by . This book was released on 1985 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two direct elicitation of utility (D.E.U.) techniques were used to estimate risk attitudes of a group of agricultural producers. The two elicitation techniques used in the study were 1) an error-in-response model using a modified Ramsey method, and 2) stochastic dominance with respect to a function (SDF). The primary objective of the study was to determine whether the two elicitation techniques yield consistent estimates of risk attitudes. A second major objective of the study was to provide additional information about the distribution of risk attitudes among agricultural producers. The study confirmed the results of other research efforts that the majority of risk attitude parameters of agricultural producers lie within the range -.0001 and .001 with income measured in dollars [King and Robison, 1980]. The study also supports previous research results which indicate that a significant portion of decision makers exhibit risk preferring behavior, at least over some ranges of incomes. The error-in-response model classified 38.1% of the respondents as risk preferring, 47.6% as risk neutral, and 14.3% as risk averse. With only one exception, the SDF technique elicited risk preferring attitudes for every respondent over some range of income values. Individual and aggregate tests for decreasing (increasing) absolute risk aversion were conducted. No respondents were found to exhibit increasing or decreasing absolute risk aversion. The statistical comparison of the two elicitation techniques was inconclusive. A paired t-test failed to reject the null hypothesis of no difference in the estimated risk attitudes. However, the correlation between the two measures was virtually zero ( -.046) suggesting that the two measures of risk attitudes are not closely related. The two elicitation techniques were also compared on other grounds. Both elicitation techniques are designed to prevent certainty bias that has plagued other D.E.U. methods. The SDF technique is found to be superior in overcoming possible interviewer bias. Neither technique is superior in coping with probability bias. The SDF technique is easier to implement but the error-in- response questionnaire is easier to formulate. The error-in- response model results in a specific estimate of the respondent's risk attitude when the negative exponential utility function is used. Based on the comparisons made in the study, the SDF procedure is considered to be superior to the error-in-response model for eliciting risk attitudes.
Author : Thomas Johannes Dohmen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (425 download)
Download or read book Individual Risk Attitudes written by Thomas Johannes Dohmen and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaohao Ding
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)
Download or read book Can we measure individual risk attitudes in a survey? written by Xiaohao Ding and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Glenn W. Harrison
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Naturally Occurring Preferences and Exogenous Laboratory Experiments written by Glenn W. Harrison and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does individual behavior in a laboratory setting provide a reliable indicator of behavior in a naturally occurring setting? We consider this general methodological question in the context of eliciting risk attitudes. The controls that are typically employed in laboratory settings, such as the use of abstract lotteries, could lead subjects to employ behavioral rules that differ from the ones they employ in the field. Since it is field behavior that we are interested in understanding, those controls might be a confound in themselves if they result in differences in behavior. We find that the use of artificial monetary prizes provides a reliable measure of risk attitudes when the natural counterpart outcome has minimal uncertainty, but that it can provide an unreliable measure when the natural counterpart outcome has background risk. These results are consistent with conventional expected utility theory for the effects of background risk on attitudes to risk. Behavior tended to be risk-loving when artificial monetary prizes were used or when there was minimal uncertainty in the natural non-monetary outcome. But subjects drawn from the same population were risk-averse when their attitudes were elicited using the natural non-monetary outcome that had some background risk. Theory predicts this effect of background risk, but not the change from risk-loving to risk-aversion.
Author : Laura Concina
Publisher : FonCSI
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4./5 ( download)
Download or read book Risk attitude & Economics written by Laura Concina and published by FonCSI. This book was released on 2014-05-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document is an introduction, for non-economists, to standard and behavioral economic theories of risk and uncertainty. It describes some broadly-accepted results in economics that are determinant in decision-making under risk or uncertainty and in situations where we have to deal with losses and gains. To illustrate this point, the document presents a selection of theoretical results, ponctuated with examples taken from everyday life, and research studies in economics and psychology on the perception of risk.
Author : G.W. Harrison
Publisher : Emerald Group Publishing
ISBN 13 : 1849505470
Total Pages : 450 pages
Book Rating : 4.8/5 (495 download)
Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.
Author : David Hillson
Publisher : Gower Publishing, Ltd.
ISBN 13 : 9780566086274
Total Pages : 212 pages
Book Rating : 4.0/5 (862 download)
Download or read book Understanding and Managing Risk Attitude written by David Hillson and published by Gower Publishing, Ltd.. This book was released on 2005 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk assessment, Risk analysis, Management, People, Enterprises, Quality and Management
Author : Glenn W. Harrison
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Controls for Risk Aversion in the Laboratory written by Glenn W. Harrison and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experiments are being used to generate measures of characteristics of individuals that need to be controlled for economic analyses. Examples include the measurement of risk aversion, inequality aversion, and trust. Imprecision in measuring those characteristics may lead to misleading conclusions in tests of the underlying theory of choice. We consider the need to control for risk aversion in tests of expected utility theory. We show that the conclusions drawn about the choice theory may be sensitive to statistical imprecision in measuring risk aversion. We show that the use of instruments to estimate risk attitudes does not allow sufficiently precise estimates of risk aversion for these purposes. Given existing laboratory technology and statistical models, we conclude that controls for risk aversion should be implemented using within-subjects, revealed preference designs that utilize the direct, raw responses of the subject. These statistical issues are generally applicable to a wide variety of experimental situations.
Author : Martina Raue
Publisher : Springer
ISBN 13 : 3319924788
Total Pages : 379 pages
Book Rating : 4.3/5 (199 download)
Download or read book Psychological Perspectives on Risk and Risk Analysis written by Martina Raue and published by Springer. This book was released on 2018-09-18 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative collection goes beyond economic statistics and probability data to offer a robust psychological understanding of risk perception and risk taking behavior. Expert contributors examine various risk domains in life, and pinpoint cognitive, emotional, and personality factors contributing to individual differences in risk taking as well as the many nuances social demographics (e.g., culture, gender) bring to risk decisions. Coverage takes competing theories and studies into account to identify mechanisms involved in processing and acting on uncertainty. And implications and applications are demonstrated in varied fields, from updated risk models for the insurance sector to improved risk communication in health services to considering risk perception in policy decisions. A sampling of the topics: Personality and risk: beyond daredevils—risk taking from a temperament perspective. Cognitive, developmental, and neurobiological aspects of risk judgments. The group effect: social influences on risk identification, analysis, and decision-making. Cognitive architectures as a scaffolding for risky choice models. Improving understanding of health-relevant numerical information. Risk culture as a framework for improving competence in risk management. Psychological Perspectives on Risk and Risk Analysis will be of great interest to researchers in and outside of psychology, including decision-making experts and behavioral economists. Additionally, this volume will appeal to practitioners who often have to make risky decisions, such as managers and physicians.
