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Measuring Risk Attitudes Controlling for Personality Traits

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Author Info
Jungmin Lee () (Department of Economics, Florida International University)
Cary Deck () (Department of Economics, University of Arkansas)
Javier Reyes () (Department of Economics, University of Arkansas)
Chris Rosen () (Department of Management, University of Arkansas)

Additional information is available for the following registered author(s):

Abstract

This 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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File URL: http://www.fiu.edu/orgs/economics/wp2008/08-01.pdf
File Format: application/pdf
File Function: Revised version, 2008
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Publisher Info
Paper provided by Florida International University, Department of Economics in its series Working Papers with number 0801.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 29 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:fiu:wpaper:0801

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Postal: Miami, FL 33199
Phone: (305) 348-2316
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Web page: http://www.fiu.edu/orgs/economics/
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Related research
Keywords: 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:

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    Other versions:
  12. Beetsma, Roel M W J & Schotman, Peter C, 2001. "Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show Lingo," Economic Journal, Royal Economic Society, vol. 111(474), pages 821-48, October. [Downloadable!] (restricted)
    Other versions:
  13. James C. Cox & Vjollca Sadiraj & Bodo Vogt & Utteeyo Dasgupta, 2007. "Is There A Plausible Theory for Risky Decisions?," Experimental Economics Center Working Paper Series 2007-05, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University, revised Apr 2008. [Downloadable!]
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