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Estimating risk attitudes in conventional and artefactual lab experiments

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  • Drichoutis Andreas

    ()
    (University of Ioaninna)

  • Phoebe Koundouri

    (Dept. of International and European Economic Studies, Athens University of Economics and Business)

Abstract

We elicit risk preferences from student subjects and subjects drawn from the general population, using the multiple price list method devised by Holt and and Laury (2002). We find that students are less risk averse than general population subjects.

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File URL: http://wpa.deos.aueb.gr/docs/risk-students-consumers.pdf
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Bibliographic Info

Paper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 1114.

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Handle: RePEc:aue:wpaper:1114

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Keywords: Risk aversion; CRRA; expo-power; multiple price list;

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References

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  1. Glenn W. Harrison & Eric Johnson & Melayne M. McInnes & E. Elisabet Rutstr�m, 2005. "Risk Aversion and Incentive Effects: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 95(3), pages 897-901, June.
  2. Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, E. Elisabet, 2010. "Preference heterogeneity in experiments: Comparing the field and laboratory," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 73(2), pages 209-224, February.
  3. Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(2), pages 537-79, May.
  4. Steffen Andersen & Glenn W. Harrison & Morten Lau & Elisabet E. Rutstroem, 2011. "Discounting Behavior: A Reconsideration," Working Papers 2011_01, Durham University Business School.
  5. Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2007. "Estimating Risk Attitudes in Denmark: A Field Experiment," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 109(2), pages 341-368, 06.
  6. Vuong, Quang H, 1989. "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 307-33, March.
  7. Phoebe Koundouri & Marita Laukkanen & Sami Myyrä & Celine Nauges, 2009. "The effects of EU agricultural policy changes on farmers' risk attitudes," Working Papers 30225, Institut National de la Recherche Agronomique, France.
  8. Phoebe Koundouri & Céline Nauges & Vangelis Tzouvelekas, 2006. "Technology Adoption under Production Uncertainty: Theory and Application to Irrigation Technology," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 88(3), pages 657-670.
  9. Glenn Harrison & Morten Lau & Elisabet Rutstrom, 2005. "Risk attitudes, randomization to treatment, and self-selection into experiments," Artefactual Field Experiments, The Field Experiments Website 00061, The Field Experiments Website.
  10. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1644-1655, December.
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Cited by:
  1. Filippin, Antonio & Crosetto, Paolo, 2014. "A Reconsideration of Gender Differences in Risk Attitudes," IZA Discussion Papers 8184, Institute for the Study of Labor (IZA).

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