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.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 362
- Classification
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Criteria for Decision-Making under Risk and Uncertainty
Survey Methods; Sampling Methods
- Subject
-
risk preferences
elicitation methods
budget sets
portfolio choices
- Event
-
Geistige Schöpfung
- (who)
-
Garagnani, Michele
- Event
-
Veröffentlichung
- (who)
-
University of Zurich, Department of Economics
- (where)
-
Zurich
- (when)
-
2020
- DOI
-
doi:10.5167/uzh-190318
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Garagnani, Michele
- University of Zurich, Department of Economics
Time of origin
- 2020
Other Objects (12)
The predictive power of risk elicitation tasks
The "bomb" risk elicitation task
The Bomb risk elicitation task
The "bomb" risk elicitation task
The "bomb" risk elicitation task
Robust Inference in Risk Elicitation Tasks
Robust inference in risk elicitation tasks
Varieties of risk elicitation
Varieties of risk elicitation
How to reveal people’s preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods
Advancing Task Elicitation Systems - An Experimental Evaluation of Design Principles
Assessing elicitation task bias in time preference using experiments with artificial subjects
The predictive power of risk elicitation tasks
The "bomb" risk elicitation task
The Bomb risk elicitation task
The "bomb" risk elicitation task
The "bomb" risk elicitation task
Robust Inference in Risk Elicitation Tasks
Robust inference in risk elicitation tasks
Varieties of risk elicitation
Varieties of risk elicitation
How to reveal people’s preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods
Advancing Task Elicitation Systems - An Experimental Evaluation of Design Principles
Assessing elicitation task bias in time preference using experiments with artificial subjects
The predictive power of risk elicitation tasks
The "bomb" risk elicitation task
The Bomb risk elicitation task
The "bomb" risk elicitation task
The "bomb" risk elicitation task
Robust Inference in Risk Elicitation Tasks
Robust inference in risk elicitation tasks
Varieties of risk elicitation
Varieties of risk elicitation
How to reveal people’s preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods
Advancing Task Elicitation Systems - An Experimental Evaluation of Design Principles