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On the measurement of risk aversion from experimental data

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Author Info
Mette Wik
Tewodros Aragie Kebede
Olvar Bergland
Stein T. Holden

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Abstract

Attitudes towards risk are measured for households in Northern Zambia using an experimental gambling approach with real payoffs that at maximum were equal to 30% of average total annual income per capita. The results of the experiment show decreasing absolute risk aversion and increasing partial risk aversion. Determinants of risk aversion are investigated using random effects interval regression model exploiting the panel data structure of the repeated experiments. Wealth indicator variables are found to be significant, and partial relative risk aversion decreases as wealth increases. Females are found to be more risk averse than males.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 36 (2004)
Issue (Month): 21 (December)
Pages: 2443-2451
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Handle: RePEc:taf:applec:v:36:y:2004:i:21:p:2443-2451

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References listed on IDEAS
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  1. de Janvry, Alain & Fafchamps, Marcel & Sadoulet, Elisabeth, 1991. "Peasant Household Behaviour with Missing Markets: Some Paradoxes Explained," Economic Journal, Royal Economic Society, vol. 101(409), pages 1400-417, November. [Downloadable!] (restricted)
  2. Reardon, Thomas & Vosti, Stephen A., 1995. "Links between rural poverty and the environment in developing countries: Asset categories and investment poverty," World Development, Elsevier, vol. 23(9), pages 1495-1506, September. [Downloadable!] (restricted)
  3. Holden, Stein T. & Shiferaw, Bekele & Wik, Mette, 1998. "Poverty, market imperfections and time preferences: of relevance for environmental policy?," Environment and Development Economics, Cambridge University Press, vol. 3(01), pages 105-130, February. [Downloadable!]
  4. Chavas, Jean-Paul & Holt, Matthew T, 1996. "Economic Behavior under Uncertainty: A Joint Analysis of Risk Preferences and Technology," The Review of Economics and Statistics, MIT Press, vol. 78(2), pages 329-35, May. [Downloadable!] (restricted)
  5. Grisley, William & Kellog, Earl, 1987. "Risk-taking preferences of farmers in northern Thailand: Measurements and implications," Agricultural Economics, Blackwell, vol. 1(2), pages 127-142, June. [Downloadable!] (restricted)
  6. Quizon, Jaime B & Binswanger, Hans P & Machina, Mark J, 1984. "Attitudes toward Risk: Further Remarks," Economic Journal, Royal Economic Society, vol. 94(373), pages 144-48, March. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jim Engle-Warnick & Javier Escobal & Sonia Laszlo, 2006. "The Effect Of An Additional Alternative On Measured Risk Preferences In A Laboratory Experiment In Peru," Departmental Working Papers 2006-10, McGill University, Department of Economics. [Downloadable!]
    Other versions:
  2. Galor, Oded & Michalopoulos, Stelios, 2006. "The Evolution of Entrepreneurial Spirit and the Process of Development," CEPR Discussion Papers 6022, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Dieter von Fintel, 2006. "Earnings bracket obstacles in household surveys – How sharp are the tools in the shed?," Working Papers 08/2006, Stellenbosch University, Department of Economics. [Downloadable!]
  4. Holden, Stein & Shiferaw, Bekele & Pender, John, 2005. "Policy analysis for sustainable land management and food security in Ethiopia: a bioeconomic model with market imperfections," Research reports 140, International Food Policy Research Institute (IFPRI). [Downloadable!]
  5. Jim Engle-Warnick & Javier Escobal & Sonia Laszlo, 2005. "The Effect of an Additional Alternative on Measured Risk Preferences in a Field Experiment," Experimental 0511003, EconWPA. [Downloadable!]
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