The DOI matches its Crossref record; 74 of the 74 references it cites were found in a registry or an index.
Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison
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.
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Cites
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Cited by
Are Risk Aversion and Impatience Related to Cognitive Ability?
Dohmen, T., Falk, A., Huffman, D., & Sunde, U. (2010) · American Economic Review · doi:10.1257/aer.100.3.1238 · Cited by 1,332
Johnson, N. D., & Mislin, A. A. (2011) · Journal of Economic Psychology · doi:10.1016/j.joep.2011.05.007 · Cited by 955
Gender, Competitiveness, and Career Choices *
Buser, T., Niederle, M., & Oosterbeek, H. (2014) · The Quarterly Journal of Economics · doi:10.1093/qje/qju009 · Cited by 800
Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam
Tanaka, T., Camerer, C. F., & Nguyen, Q. (2016) · Behavioral Economics of Preferences, Choices, and Happiness · doi:10.1007/978-4-431-55402-8_1 · Cited by 731
Stability and change in risk-taking propensity across the adult life span.
Josef, A. K., Richter, D., Samanez-Larkin, G. R., Wagner, G. G., Hertwig, R., & Mata, R. (2016) · Journal of Personality and Social Psychology · doi:10.1037/pspp0000090 · Cited by 305
Metadata
- Authors
- Lönnqvist, J.-E., Verkasalo, M., Walkowitz, G., & Wichardt, P. C.
- Venue
- Journal of Economic Behavior & Organization
- Publisher
- Elsevier BV
- Published
- 2015-11
- Volume
- 119
- Pages
- 254-266
- ISSN
- 0167-2681 (ISSN-L)
- OpenAlex
- W3123152050
- Cited by
- 293
- References
- 74
- FWCI
- 70.58
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lönnqvist, J.-E., Verkasalo, M., Walkowitz, G., & Wichardt, P. C. (2015). Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison. Journal of Economic Behavior & Organization. https://doi.org/10.1016/j.jebo.2015.08.003
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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