Arbeitspapier
Risk and punishment revisited: Errors in variables and in the lab
We provide an example for an errors in variables problem which might be often neglected but which is quite common in lab experimental practice: In one task, attitude towards risk is measured, in another task participants behave in a way that can possibly be explained by their risk attitude. How should we deal with inconsistent behaviour in the risk task? Ignoring these observations entails two biases: An errors in variables bias and a selection bias. We argue that inconsistent observations should be exploited to address the errors in variables problem, which can easily be done within a Bayesian framework.
- Language
-
Englisch
- Bibliographic citation
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Series: Jena Economic Research Papers ; No. 2016-015
- Classification
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection
Monopolization; Horizontal Anticompetitive Practices
- Subject
-
Bayesian inference
errors in variables
lab experiment
public good
risk
- Event
-
Geistige Schöpfung
- (who)
-
Engel, Christoph
Kirchkamp, Oliver
- Event
-
Veröffentlichung
- (who)
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Friedrich Schiller University Jena
- (where)
-
Jena
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
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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
- Engel, Christoph
- Kirchkamp, Oliver
- Friedrich Schiller University Jena
Time of origin
- 2016
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