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Attitudes Toward Risk: Experimental Measurement in Rural India
Abstract
Attitudes toward risk were measured in 240 households using two methods: an interview method eliciting certainty equivalents and an experimental gambling approach with real payoffs which, at their maximum, exceeded monthly incomes of unskilled laborers. The interview method is subject to interviewer bias and its results were totally inconsistent with the experimental measures of risk aversion. Experimental measures indicate that, at high payoff levels, virtually all individuals are moderately risk‐averse with little variation according to personal characteristics. Wealth tends to reduce risk aversion slightly, but its effect is not statistically significant.
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Cited by
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Slonim, R., & Roth, A. E. (1998) · Econometrica · doi:10.2307/2998575 · Cited by 512
Neural correlates of value, risk, and risk aversion contributing to decision making under risk
Christopoulos, G. I., Tobler, P. N., Bossaerts, P., Dolan, R. J., & Schultz, W. (2009) · The Journal of Neuroscience · doi:10.1523/jneurosci.2614-09.2009 · Cited by 451
Heterogeneity in Risky Choice Behavior in a Broad Population
von Gaudecker, H.-M., van Soest, A., & Wengström, E. (2011) · American Economic Review · doi:10.1257/aer.101.2.664 · Cited by 349
Friedman, R., Anderson, C., Brett, J., Olekalns, M., Goates, N., & Lisco, C. C. (2004) · Journal of Applied Psychology · doi:10.1037/0021-9010.89.2.369 · Cited by 269
Deciding for others reduces loss aversion
Andersson, O., Holm, H. J., Tyran, J.-R., & Wengström, E. (2016) · Management Science · doi:10.1287/mnsc.2014.2085 · Cited by 194
Metadata
- Authors
- Binswanger, H. P.
- Venue
- American Journal of Agricultural Economics
- Publisher
- Wiley
- Published
- 1980-08
- Volume
- 62
- Issue
- 3
- Pages
- 395-407
- ISSN
- 0002-9092 (ISSN-L)
- 1467-8276
- OpenAlex
- W2087991264
- Cited by
- 1,619
- References
- 0
- FWCI
- 5.07
- Type
- journal article
- Language
- en
- Open access
- closed
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