Risk attitude and risk behavior: Comparing Thailand and Vietnam
AbstractAre responses to a simple survey item sufficiently reliable in eliciting risk attitudes? Our angle in examining reliability is to conduct comparative research across Thailand and Vietnam. We find, first, that the survey item is informative about individual risk attitude because it is plausibly related to socio-demographic characteristics (including vulnerability), it is experimentally validated and has some predictive power. Second, however, we find major differences between both countries: whereas explained variances of regressions are tentatively higher in Vietnam, the predictive value of the survey item is much lower than in Thailand. Therefore, the survey item cannot be implemented across countries in an unreflected way. --
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Bibliographic InfoPaper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Berlin 2011 with number 33.
Date of creation: 2011
Date of revision:
risk attitude; socio-economic survey; household behavior; field experiment;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-27 (All new papers)
- NEP-CBE-2011-07-27 (Cognitive & Behavioural Economics)
- NEP-DEV-2011-07-27 (Development)
- NEP-EXP-2011-07-27 (Experimental Economics)
- NEP-SEA-2011-07-27 (South East Asia)
- NEP-UPT-2011-07-27 (Utility Models & Prospect Theory)
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