Advanced Search
MyIDEAS: Login to save this article or follow this journal

Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand

Contents:

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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.jstor.org/stable/pdfplus/10.1086/670378
Download Restriction: Access to the online full text or PDF requires a subscription.

File URL: http://www.jstor.org/stable/full/10.1086/670378
Download Restriction: Access to the online full text or PDF requires a subscription.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

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

as in new window
Handle: RePEc:ucp:ecdecc:doi:10.1086/670378

Contact details of provider:
Web page: http://www.journals.uchicago.edu/EDCC/

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
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.:
as in new window
  1. Nicola Persico & Andrew Postlewaite & Dan Silverman, 2004. "The Effect of Adolescent Experience on Labor Market Outcomes: The Case of Height," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 112(5), pages 1019-1053, October.
  2. Eckel, Catherine C. & Grossman, Philip J., 2008. "Men, Women and Risk Aversion: Experimental Evidence," Handbook of Experimental Economics Results, Elsevier, Elsevier.
  3. Delavande, Adeline & Gine, Xavier & McKenzie, David, 2009. "Measuring Subjective Expectations in Developing Countries: A Critical Review and New Evidence," Policy Research Working Paper Series 4824, The World Bank.
  4. Sachiko Miyata, 2003. "Household's risk attitudes in Indonesian villages," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(5), pages 573-583.
  5. Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2005. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," IZA Discussion Papers 1730, Institute for the Study of Labor (IZA).
  6. Jan-Erik Lönnqvist & Markku Verkasalo & Gari Walkowitz & Philipp C. Wichardt, 2011. "Measuring Individual Risk Attitudes in the Lab: Task or Ask?: An Empirical Comparison," SOEPpapers on Multidisciplinary Panel Data Research 370, DIW Berlin, The German Socio-Economic Panel (SOEP).
  7. Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2011. "Individual risk attitudes: Measurement, determinants, and behavioral consequences," Munich Reprints in Economics, University of Munich, Department of Economics 20048, University of Munich, Department of Economics.
  8. Guiso, Luigi & Paiella, Monica, 2004. "The Role of Risk Aversion in Predicting Individual Behaviours," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4591, C.E.P.R. Discussion Papers.
  9. Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. " Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, Springer, vol. 22(2), pages 165-95, March.
  10. repec:feb:framed:0019 is not listed on IDEAS
  11. Tomomi Tanaka & Colin F. Camerer & Quang Nguyen, 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam," American Economic Review, American Economic Association, American Economic Association, vol. 100(1), pages 557-71, March.
  12. Jaeger, David A. & Bonin, Holger & Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe, 2007. "Direct Evidence on Risk Attitudes and Migration," IZA Discussion Papers 2655, Institute for the Study of Labor (IZA).
  13. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1059, California Institute of Technology, Division of the Humanities and Social Sciences.
  14. Ruth Vargas Hill, 2009. "Using Stated Preferences and Beliefs to Identify the Impact of Risk on Poor Households," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 45(2), pages 151-171.
  15. Juan Camilo Cardenas & Jeffrey Carpenter, 2008. "Behavioural Development Economics: Lessons from Field Labs in the Developing World," Journal of Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(3), pages 311-338.
  16. Yesuf, Mahmud & Bluffstone, Randy, 2008. "Risk aversion in low-income countries: Experimental evidence from Ethiopia," Research briefs, International Food Policy Research Institute (IFPRI) 15(16), International Food Policy Research Institute (IFPRI).
  17. Yesuf, Mahmud & Bluffstone, Randy, 2007. "Risk aversion in low income countries: Experimental evidence from Ethiopia," IFPRI discussion papers, International Food Policy Research Institute (IFPRI) 715, International Food Policy Research Institute (IFPRI).
  18. Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 381-385, May.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Seeun Jung & Carole Treibich, 2014. "Is Self-Reported Risk Aversion Time Varying?," PSE Working Papers halshs-00965549, HAL.
  2. Michael Grimm & Carole Treibich, 2013. "Why Do Some Bikers Wear a Helmet and Others Don't? Evidence from Delhi, India," AMSE Working Papers 1348, Aix-Marseille School of Economics, Marseille, France, revised 10 Oct 2013.
  3. Christian Thöni & Jean-Robert Tyran & Erik Wengström, 2010. "Microfoundations of Social Capital," NRN working papers, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria 2010-19, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.
  4. Hohfeld, Lena & Waibel, Hermann, 0. "Investments of Rural Households in Northeast Thailand and the Future of Small Scale Farming," Quarterly Journal of International Agriculture, Humboldt-Universität zu Berlin, Humboldt-Universität zu Berlin, vol. 52.
  5. 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), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-508, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  6. Antonia Grohmann & Roy Kouwenberg & Lukas Menkhoff, 2014. "Financial Literacy and Its Consequences in the Emerging Middle Class," Kiel Working Papers 1943, Kiel Institute for the World Economy.
  7. Christine Binzel & Dietmar Fehr, 2010. "Social Relationships and Trust," SFB 649 Discussion Papers SFB649DP2010-028, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  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).
  9. Binzel, Christine & Fehr, Dietmar, 2013. "Social distance and trust: Experimental evidence from a slum in Cairo," Journal of Development Economics, Elsevier, Elsevier, vol. 103(C), pages 99-106.
  10. 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.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ucp:ecdecc:doi:10.1086/670378. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Journals Division).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.