The lottery-panel task for bi-dimensional parameter-free elicitation of risk attitudes
AbstractWe propose a simple task for the elicitation of risk attitudes, initially used in Sabater-Grande and Georgantzís (2002) [SGG], capturing two dimensions of individual decision making: subjects’ average willingness to choose risky projects and their sensitivity towards variations in the return to risk. We report results from a large dataset obtained from the test and discuss regularities and the desirability of its bi-dimensionality when used to explain behaviour in other contexts.
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Bibliographic InfoPaper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number 10/12.
Length: 23 pages
Date of creation: 01 Oct 2010
Date of revision:
Decision-making; Lotteries; Risk aversion;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-16 (All new papers)
- NEP-EXP-2010-10-16 (Experimental Economics)
- NEP-UPT-2010-10-16 (Utility Models & Prospect Theory)
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