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An Experiment on Risky Choice Amongst Households

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Author Info
Ian Bateman
Alistair Munro

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Abstract

A host of experiments have examined theories of risky choice using "individuals". However, many important economic decisions are taken within multi-adult "households". This paper reports on the first economic experiment designed to test theories of household choice. We use established couples and face them individually and jointly with decisions involving monetary payoffs. We find that joint choices typically are more risk averse than those made by individuals. Meanwhile, choices made by couples exhibit the same kinds of departures from expected utility theory (e.g. the common ratio and common consequence effects) as are regularly recorded with individuals. Copyright 2005 Royal Economic Society.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.0013-0133.2005.00986.x
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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 115 (2005)
Issue (Month): 502 (03)
Pages: C176-C189
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Handle: RePEc:ecj:econjl:v:115:y:2005:i:502:p:c176-c189

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  1. Alistair Munro, 2009. "Introduction to the Special Issue: Things We Do and Don’t Understand About the Household and the Environment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(1), pages 1-10, May. [Downloadable!] (restricted)
  2. André de Palma & Nathalie Picard & Anthony Ziegelmeyer, 2007. "Individual and Couple Decision Behavior under Risk:The Power of Ultimate Control," THEMA Working Papers 2007-03, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
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  3. Nesha Beharry-Borg & David Hensher & Riccardo Scarpa, 2009. "An Analytical Framework for Joint vs Separate Decisions by Couples in Choice Experiments: The Case of Coastal Water Quality in Tobago," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(1), pages 95-117, May. [Downloadable!] (restricted)
  4. Munro, Alistair & McNally, Tara & Popov, Danail, 2008. "Taking it in turn: an experimental test of theories of the household," MPRA Paper 8976, University Library of Munich, Germany. [Downloadable!]
  5. Fredrik Carlsson & Peter Martinsson & Ping Qin & Matthias Sutter, 2009. "Household decision making and the influence of spouses’ income, education, and communist party membership: A field experiment in rural China," Working Papers 2009-09, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
    Other versions:
  6. David Masclet & Youenn Loheac & Laurent Denant-Boemont & Nathalie Colombier, 2004. "Group and individual risk preferences : a lottery-choice experiment," Cahiers de la Maison des Sciences Economiques bla06063, Université Panthéon-Sorbonne (Paris 1), revised Sep 2006. [Downloadable!]
    Other versions:
  7. Ian Bateman & Alistair Munro, 2009. "Household Versus Individual Valuation: What’s the Difference?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(1), pages 119-135, May. [Downloadable!] (restricted)
    Other versions:
  8. André De Palma & Nathalie Picard & Anthony Ziegelmeyer, 2009. "Individual and couple decision behavior under risk: Evidence on the dynamics of power balance," Working Papers hal-00418899_v1, HAL. [Downloadable!]
  9. Munro, Alistair & Bateman, Ian J. & McNally, Tara, 2008. "The family under the microscope: an experiment testing economic models of household choice," MPRA Paper 8974, University Library of Munich, Germany. [Downloadable!]
  10. Henrik Lindhjem & Ståle Navrud, 2009. "Asking for Individual or Household Willingness to Pay for Environmental Goods?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(1), pages 11-29, May. [Downloadable!] (restricted)
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