Lonnqvist, Jan-Erik ORCID: 0000-0001-8292-6090, Verkasalo, Markku ORCID: 0000-0002-4356-9649, Walkowitz, Gari and Wichardt, Philipp C. (2015). Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison. J. Econ. Behav. Organ., 119. S. 254 - 267. AMSTERDAM: ELSEVIER. ISSN 1879-1751
Full text not available from this repository.Abstract
This paper reports on an empirical comparison of two prominent measures of individual risk attitudes - the Holt and Laury (2002) lottery-choice task and the multi-item questionnaire advocated by Dohmen et al. (2011) - with respect to their within-subject stability over time (one year) and their correlation with actual risk-taking behavior in the lab - here the amount sent in a trust game (Berg et al., 1995). Our results suggest that the two risk attitude measures are at best only weakly correlated. Only the questionnaire measure shows high test-retest stability, while virtually no such stability is found in the lottery-choice task. In addition, only the questionnaire measure shows the expected correlations with a Big Five personality measure and is correlated with actual risk-taking behavior. With respect to behavior in the trust game, we find a high retest stability of transfers. This supports the conjecture that trusting behavior has a component which itself is a stable individual characteristic. (C) 2015 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||||||||||||||||||
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URN: | urn:nbn:de:hbz:38-387702 | ||||||||||||||||||||
DOI: | 10.1016/j.jebo.2015.08.003 | ||||||||||||||||||||
Journal or Publication Title: | J. Econ. Behav. Organ. | ||||||||||||||||||||
Volume: | 119 | ||||||||||||||||||||
Page Range: | S. 254 - 267 | ||||||||||||||||||||
Date: | 2015 | ||||||||||||||||||||
Publisher: | ELSEVIER | ||||||||||||||||||||
Place of Publication: | AMSTERDAM | ||||||||||||||||||||
ISSN: | 1879-1751 | ||||||||||||||||||||
Language: | English | ||||||||||||||||||||
Faculty: | Unspecified | ||||||||||||||||||||
Divisions: | Unspecified | ||||||||||||||||||||
Subjects: | no entry | ||||||||||||||||||||
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URI: | http://kups.ub.uni-koeln.de/id/eprint/38770 |
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