Measuring Risk Attitudes Controlling for Personality Traits
AbstractThis study measures risk attitudes using two paid experiments: the Holt and Laury (2002) procedure and a variation of the game show Deal or No Deal. The participants also completed a series of personality questionnaires developed in the psychology literature including the risk domains of Weber, Blais, and Betz (2002). As in previous studies risk attitudes vary within subjects across elicitation methods. However, this variation can be explained by individual personality traits. Specifically, subjects behave as though the Holt and Laury task is an investment decision while the Deal or No Deal task is a gambling decision.
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Bibliographic InfoPaper provided by Florida International University, Department of Economics in its series Working Papers with number 0801.
Length: 29 pages
Date of creation: Jan 2008
Date of revision:
Risk Attitudes; Risk Taking Behavior; Personality Traits; Laboratory Experiments.;
Find related papers by JEL classification:
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-02 (All new papers)
- NEP-CBE-2008-02-02 (Cognitive & Behavioural Economics)
- NEP-EXP-2008-02-02 (Experimental Economics)
- NEP-UPT-2008-02-02 (Utility Models & Prospect Theory)
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