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Heterogeneity in Risky Choice Behavior in a Broad Population
Open accessAbstract
We analyze risk preferences using an experiment with real incentives in a representative sample of 1,422 Dutch respondents. Our econometric model incorporates four structural parameters that vary with observed and unobserved characteristics: utility curvature, loss aversion, preferences toward the timing of uncertainty resolution, and the propensity to choose randomly rather than on the basis of preferences. We find that all four parameters contribute to explaining choice behavior. The structural parameters are significantly associated with socioeconomic variables, but it is essential to incorporate unobserved heterogeneity in each of them to match the rich variety of choice patterns in the data. (JEL D12, D81)
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“These are in contrast to results of our human experiment (SI Appendix, Tables S5 and S6) and prior studies where rationality score and preference have been shown to differ across demographic groups (22, 28, 61).”
From The emergence of economic rationality of GPT (2023) · cites this paper as [61]
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Metadata
- Authors
- von Gaudecker, H.-M., van Soest, A., & Wengström, E.
- Affiliations
- Department of Economics, Universität Mannheim, L7 3-5, 68131 Mannheim, Germany.
- Netspar, Tilburg University, P.O. Box 90153, NL-5000 LE Tilburg, Netherlands.
- University of Copenhagen (DK)
- ORCID
- Wengström, Erik
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-04-01
- Volume
- 101
- Issue
- 2
- Pages
- 664-694
- ISSN
- 0002-8282 (ISSN-L)
- 1944-7981
- OpenAlex
- W1505758174
- Cited by
- 349
- References
- 68
- Citations by year
- 2026: 18 · 2025: 18 · 2024: 17 · 2023: 26 · 2022: 30 · 2021: 20 · 2020: 29 · 2019: 22 · 2018: 27 · 2017: 30 · 2016: 17 · 2015: 17 · 2014: 25 · 2013: 23 · 2012: 24
- FWCI
- 13.42
- Type
- journal article
- Language
- en
- Open access
- Licence
- other-oa
- Locations
- American Economic Review (publishedVersion)
- Research portal (Tilburg University) (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Data Archiving and Networked Services (DANS) (submittedVersion, other-oa)
- Data Archiving and Networked Services (DANS) (submittedVersion)
- Lund University Publications (Lund University) (submittedVersion)
- Research at the University of Copenhagen (University of Copenhagen) (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Experimental Behavioral Economics Studies
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic and Environmental Valuation
- Keywords
- decision making under risk, risk preferences, preference heterogeneity, loss aversion, utility curvature, random choice, unobserved heterogeneity
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