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

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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
Creators:
CreatorsEmailORCIDORCID Put Code
Lonnqvist, Jan-ErikUNSPECIFIEDorcid.org/0000-0001-8292-6090UNSPECIFIED
Verkasalo, MarkkuUNSPECIFIEDorcid.org/0000-0002-4356-9649UNSPECIFIED
Walkowitz, GariUNSPECIFIEDUNSPECIFIEDUNSPECIFIED
Wichardt, Philipp C.UNSPECIFIEDUNSPECIFIEDUNSPECIFIED
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
Uncontrolled Keywords:
KeywordsLanguage
ELICITING RISK; GENDER-DIFFERENCES; DECISION-MAKING; NEGATIVE AFFECT; TRUST; AVERSION; PERSONALITY; PREFERENCESMultiple languages
EconomicsMultiple languages
URI: http://kups.ub.uni-koeln.de/id/eprint/38770

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