Arbeitspapier
The predictive power of risk elicitation tasks
This work reports an online experiment with a general-population sample examining the performance of budget-choice tasks for elicitation of risk attitudes. First, I compare the investment task of Gneezy and Potters (1997) with the standard choice- list method of Holt and Laury (2002), and evaluate their performance in terms of the number of correctly-predicted binary decisions in a set of out-of-sample lottery choices. There are no significant differences between the tasks in this sense, and performance is modest. Second, I included three additional budget-choice tasks (selection of a lottery from a linear budget set) where optimal decisions should have been corner solutions, and find that a large majority of participants provided interior solutions instead, casting doubts on subjects' understanding of tasks of this type.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 362
- Klassifikation
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Criteria for Decision-Making under Risk and Uncertainty
Survey Methods; Sampling Methods
- Thema
-
risk preferences
elicitation methods
budget sets
portfolio choices
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Garagnani, Michele
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Zurich, Department of Economics
- (wo)
-
Zurich
- (wann)
-
2020
- DOI
-
doi:10.5167/uzh-190318
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Garagnani, Michele
- University of Zurich, Department of Economics
Entstanden
- 2020
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