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Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand

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Author Info

  • Bernd Hardeweg
  • Lukas Menkhoff
  • Hermann Waibel

Abstract

This study validates a survey-based measure of general risk attitude with an incentive compatible experiment with more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This is further confirmed by adding various sociodemographic control variables taken from a representative household survey that are related to risk attitude in plausible ways. The survey measure also predicts individual behavior toward risk in other cases and even outperforms the experimental measure in this respect.

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File URL: http://www.jstor.org/stable/pdfplus/10.1086/670378
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File URL: http://www.jstor.org/stable/full/10.1086/670378
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Bibliographic Info

Article provided by University of Chicago Press in its journal Economic Development and Cultural Change.

Volume (Year): 61 (2013)
Issue (Month): 4 ()
Pages: 859 - 888

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Handle: RePEc:ucp:ecdecc:doi:10.1086/670378

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  1. Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. " Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 165-95, March.
  2. Yesuf, Mahmud & Bluffstone, Randy, 2007. "Risk aversion in low income countries: Experimental evidence from Ethiopia," IFPRI discussion papers 715, International Food Policy Research Institute (IFPRI).
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  4. Juan Camilo Cardenas & Jeffrey Carpenter, 2008. "Behavioural Development Economics: Lessons from Field Labs in the Developing World," Journal of Development Studies, Taylor & Francis Journals, vol. 44(3), pages 311-338.
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  8. Catherine C. Eckel & Philip J. Grossman, 2008. "Sex and Risk: Experimental Evidence," Development Research Unit Working Paper Series archive-09, Monash University, Department of Economics.
  9. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers 1059, California Institute of Technology, Division of the Humanities and Social Sciences.
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  12. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Jürgen Schupp & Gert G. Wagner, 2011. "Individual Risk Attitudes: Measurement, Determinants, And Behavioral Consequences," Journal of the European Economic Association, European Economic Association, vol. 9(3), pages 522-550, 06.
  13. Jan-Erik Lönnqvist & Markku Verkasalo & Gari Walkowitz & Philipp Christoph Wichardt, 2014. "Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison," CESifo Working Paper Series 4663, CESifo Group Munich.
  14. Dohmen, Thomas J & Falk, Armin & Huffman, David & Schupp, Jürgen & Sunde, Uwe & Wagner, Gert Georg, 2006. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," CEPR Discussion Papers 5517, C.E.P.R. Discussion Papers.
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  16. Delavande, Adeline & Giné, Xavier & McKenzie, David, 2011. "Measuring subjective expectations in developing countries: A critical review and new evidence," Journal of Development Economics, Elsevier, vol. 94(2), pages 151-163, March.
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Citations

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Cited by:
  1. Binzel, Christine & Fehr, Dietmar, 2013. "Social distance and trust: Experimental evidence from a slum in Cairo," Journal of Development Economics, Elsevier, vol. 103(C), pages 99-106.
  2. Seeun Jung & Carole Treibich, 2014. "Is Self-Reported Risk Aversion Time Varying?," PSE Working Papers halshs-00965549, HAL.
  3. Christian Thöni & Jean-Robert Tyran & Erik Wengström, 2009. "Microfoundations of Social Capital," Discussion Papers 09-24, University of Copenhagen. Department of Economics, revised Sep 2010.
  4. Christine Binzel & Dietmar Fehr, 2010. "Social Relationships and Trust," Working Papers 542, Economic Research Forum, revised Sep 2010.
  5. Michael Grimm & Carole Treibich, 2013. "Why Do Some Bikers Wear a Helmet and Others Don't? Evidence from Delhi, India," Working Papers halshs-00871749, HAL.
  6. Gloede, Oliver & Menkhoff, Lukas & Waibel, Hermann, 2011. "Risk attitude and risk behavior: Comparing Thailand and Vietnam," Proceedings of the German Development Economics Conference, Berlin 2011 33, Verein für Socialpolitik, Research Committee Development Economics.
  7. Gloede, Oliver & Menkhoff, Lukas & Waibel, Hermann, 2012. "Shocks, individual risk attitude, and vulnerability to poverty among rural households in Thailand and Vietnam," Hannover Economic Papers (HEP) dp-508, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  8. Grimm, Michael & Treibich, Carole, 2014. "Why Do Some Motorbike Riders Wear a Helmet and Others Don't? Evidence from Delhi, India," IZA Discussion Papers 8042, Institute for the Study of Labor (IZA).

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