794
Views
6
CrossRef citations to date
0
Altmetric
Articles

Consistency of Risk Preference Measures: An Artefactual Field Experiment from Rural China

, &
Pages 1955-1973 | Received 15 Mar 2016, Accepted 23 May 2017, Published online: 25 Jul 2017

References

  • Akay, A., Martinsson, P., Medhin, H., & Trautmann, S. T. (2012). Attitudes toward uncertainty among the poor: An experiment in rural Ethiopia. Theory and Decision, 73, 453–464.
  • Anderson, L., & Mellor, J. (2009). Are risk preferences stable? Comparing an experimental measure with a validated survey-based measure. Journal of Risk and Uncertainty, 39, 137–160.
  • Andreoni, J., & Harbaugh, W. (2010). Unexpected utility: Experimental tests of five key questions about preferences over risk (University of Oregon Economics Department Working Papers No. 2010-14).
  • Andreoni, J., Kuhn, M. A., & Sprenger, C. (2015). Measuring time preferences: A comparison of experimental methods. Journal of Economic Behaviour and Organization, 116, 451–464.
  • Barham, B. L., Chavas, J.-P., Fitz, D., Salas, V. R., & Schechter, L. (2014). The roles of risk and ambiguity in technology adoption. Journal of Economic Behaviour and Organization, 97, 204–218.
  • Becker, G.M., DeGroot, M.H., & Marschak, J. (1964). Measuring utility by a single-response sequential method. Behavioral Science, 9, 226–232. doi:10.1002/bs.3830090304
  • Berg, J., Dickhaut, J., & McCabe, K. (2005). Risk preference instability across institutions: A dilemma. Proceedings of the National Academy of Sciences of the United States of America, 102, 4209–4214.
  • Blais, A.-R., & Weber, E. U. (2006). A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations. Judgment and Decision Making, 1, 33–47.
  • Bruner, D. M. (2009). Changing the probability versus changing the reward. Experimental Economics, 12, 367–385.
  • Cardenas, J. C., & Carpenter, J. (2008). Behavioural development economics: Lessons from field labs in the developing world. The Journal of Development Studies, 44, 311–338.
  • Carlsson, F., Martinsson, P., Qin, P., & Sutter, M. (2013). The influence of spouses on household decision making under risk: An experiment in rural China. Experimental Economics, 16, 383–401.
  • Carroll, J. B. (1993). Human cognitive abilities: A survey of factor-analytic studies. New York, NY: Cambridge University Press.
  • Charness, G., Gneezy, U., & Imas, A. (2013). Experimental methods: Eliciting risk preferences. Journal of Economic Behaviour and Organization, 87, 43–51.
  • Charness, G., & Viceisza, A. (2016). Three risk-elicitation methods in the field: Evidence from rural Senegal. Review of Behavioral Economics, 3, 145–171.
  • Crosetto, P., & Filippin, A. (2013). The ‘bomb’ risk elicitation task. Journal of Risk and Uncertainty, 47, 31–65.
  • Crosetto, P., & Filippin, A. (2016). A theoretical and experimental appraisal of four risk elicitation methods. Experimental Economics, 19, 613–641.
  • Dave, C., Eckel, C. C., Johnson, C. A., & Rojas, C. (2010). Eliciting risk preferences: When is simple better? Journal of Risk and Uncertainty, 41, 219–243.
  • Deck, C., Lee, J., & Reyes, J. (2008). Risk attitudes in large stake gambles: Evidence from a game show. Applied Economics, 40, 41–52.
  • Deck, C., Lee, J., Reyes, J. A., & Rosen, C. C. (2013). A failed attempt to explain within subject variation in risk taking behavior using domain specific risk attitudes. Journal of Economic Behavior and Organization, 87, 1–24.
  • Ding, X., Hartog, J., & Sun, Y. (2010). Can we measure individual risk attitudes in a survey? (IZA Discussion Paper No. 4807). Bonn: Institute for the Study of Labor..
  • Dohmen, T., Falk, A., Huffman, D., & Sunde, U. (2010). Are risk aversion and impatience related to cognitive ability? The American Economic Review, 100, 1238–1260.
  • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011). Individual risk attitudes: Measurement, determinants, and behavioural consequences. Journal of the European Economic Association, 9, 522–550.
  • Dulleck, U., Fooken, J., & Fell, J. (2015). Within-subject intra- and inter-method consistency of two experimental risk attitude elicitation methods. German Economic Review, 16, 104–121.
  • Eckel, C. C., & Grossman, P. J. (2002). Sex differences and statistical stereotyping in attitudes toward financial risk. Evolution and Human Behaviour, 23, 281–295.
  • Eckel, C. C., & Grossman, P. J. (2008). Forecasting risk attitudes: An experimental study using actual and forecast gamble choices. Journal of Economic Behaviour and Organization, 68, 1–17.
  • Ellsberg, D. (1961). Risk, ambiguity, and the savage axioms. The Quarterly Journal of Economics, 75, 643–669.
  • Falk, A., & Heckman, J. J. (2009). Lab experiments are a major source of knowledge in the social sciences. Science, 326, 535–538.
  • Gneezy, U., & Potters, J. (1997). An experiment on risk taking and evaluation periods. The Quarterly Journal of Economics, 112, 631–645.
  • Harbaugh, W. T., Krause, K., & Vesterlund, L. (2010). The fourfold pattern of risk attitudes in choice and pricing tasks. The Economic Journal, 120, 595–611.
  • Hardeweg, B., Menkhoff, L., & Waibel, H. (2013). Experimentally validated survey evidence on individual risk attitudes in rural Thailand. Economic Development and Cultural Change, 61, 859–888.
  • Harrison, G. W. (1990). Risk attitudes in first-price auction experiments: A Bayesian analysis. The Review of Economics and Statistics, 72, 541–546.
  • He, H., Martinsson, P., & Sutter, M. (2012). Group decision making under risk: An experiment with student couples. Economics Letters, 117, 691–693.
  • Heckman, J. J., Stixrud, J., & Urzua, S. (2006). The effects of cognitive and noncognitive abilities on labor market outcomes and social behaviour. Journal of Labor Economics, 24, 411–482.
  • Hey, J., Morone, A., & Schmidt, U. (2009). Noise and bias in eliciting preferences. Journal of Risk and Uncertainty, 39, 213–235.
  • Hill, R. V. (2009). Using stated preferences and beliefs to identify the impact of risk on poor households. The Journal of Development Studies, 45, 151–171.
  • Holt, C. A., & Laury, S. K. (2002). Risk aversion and incentive effects. The American Economic Review, 92, 1644–1655.
  • Isaac, R. M., & James, D. (2000). Just who are you calling risk averse? Journal of Risk and Uncertainty, 20, 177–187.
  • Kahn, B. E., & Sarin, R. K. (1988). Modeling ambiguity in decisions under uncertainty. Journal of Consumer Research, 15, 265–272.
  • Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263–291.
  • Kruse, J. B., & Thompson, M. A. (2003). Valuing low probability risk: Survey and experimental evidence. Journal of Economic Behavior and Organization, 50, 495–505.
  • Lauriola, M., & Levin, I. P. (2001). Relating individual differences in attitude toward ambiguity to risky choices. Journal of Behavioural Decision Making, 14, 107–122.
  • Lejuez, C. W., Read, J. P., Kahler, C. W., Richards, J. B., Ramsey, S. E., Stuart, G. L., & Brown, R. A. (2002). Evaluation of a behavioural measure of risk taking: The Balloon Analogue Risk Task (BART). Journal of Experimental Psychology: Applied, 8, 75–84.
  • Liebenehm, S., & Waibel, H. (2014). Simultaneous estimation of risk and time preferences among small-scale cattle farmers in West Africa. American Journal of Agricultural Economics, 96, 1420–1438.
  • Liu, E. M. (2013). Time to change what to sow: Risk preferences and technology adoption decisions of cotton farmers in China. Review of Economics and Statistics, 95, 1386–1403.
  • Liu, E. M., & Huang, J. (2013). Risk preferences and pesticide use by cotton farmers in China. Journal of Development Economics, 103, 202–215.
  • Lönnqvist, J.-E., Verkasalo, M., Walkowitz, G., & Wichardt, P. (2015). Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison. Journal of Economic Behaviour and Organization, 119, 254–266.
  • Nisbett, R. E., Aronson, J., Blair, C., Dickens, W., Flynn, J., Halpern, D. F., & Turkheimer, E. (2012). Intelligence: New findings and theoretical developments. American Psychologist, 67, 130–159.
  • Pennings, J. M., & Smidts, A. (2000). Assessing the construct validity of risk attitude. Management Science, 46, 1337–1348.
  • Raven, J. C. (1962). Advanced progressive matrices: Sets I and II (Revised ed.). London: H.K. Lewis.
  • Reynaud, A., & Couture, S. (2012). Stability of risk preference measures: Results from a field experiment on French farmers. Theory and Decision, 73, 203–221.
  • Roberts, R. D., Goff, G. N., Anjoul, F., Kyllonen, P. C., Pallier, G., & Stankov, L. (2000). The Armed Services Vocational Aptitude Battery (ASVAB), Little more than acculturated learning (Gc)!? Learning and Individual Differences, 12, 81–103.
  • Tanaka, T., Camerer, C. F., & Nguyen, Q. (2010). Risk and time preferences: Linking experimental and household survey data from Vietnam. The American Economic Review, 100, 557–571.
  • Verschoor, A., D’Exelle, B., & Perez-Viana, B. (2016). Lab and life: Does risky choice behaviour observed in experiments reflect that in the real world?. Journal Of Economic Behavior & Organization, 128, 134-148. doi:10.1016/j.jebo.2016.05.009
  • Vieider, F. M., Lefebvre, M., Bouchouicha, R., Chmura, T., Hakimov, R., Krawczyk, M., & Martinsson, P. (2015). Common components of risk and uncertainty attitudes across contexts and domains: Evidence from 30 countries. Journal of the European Economic Association, 13, 421–452.
  • Ward, P. S., & Singh, V. (2015). Using field experiments to elicit risk and ambiguity preferences: Behavioural factors and the adoption of new agricultural technologies in rural India. The Journal of Development Studies, 51, 707–724.
  • Weijters, B., Cabooter, E., & Schillewaert, N. (2010). The effect of rating scale format on response styles: The number of response categories and response category labels. International Journal of Research in Marketing, 27, 236–247.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.