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Risk attitude and risk behavior: Comparing Thailand and Vietnam

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  • Gloede, Oliver
  • Menkhoff, Lukas
  • Waibel, Hermann

Abstract

Are 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 Info

Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Berlin 2011 with number 33.

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Date of creation: 2011
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Handle: RePEc:zbw:gdec11:33

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Keywords: risk attitude; socio-economic survey; household behavior; field experiment;

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References

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  1. Donkers, Bas & van Soest, Arthur, 1999. "Subjective measures of household preferences and financial decisions," Journal of Economic Psychology, Elsevier, Elsevier, vol. 20(6), pages 613-642, December.
  2. Marco Caliendo & Frank Fossen & Alexander Kritikos, 2009. "Risk attitudes of nascent entrepreneurs–new evidence from an experimentally validated survey," Small Business Economics, Springer, Springer, vol. 32(2), pages 153-167, February.
  3. Jan-Erik Lönnqvist & Markku Verkasalo & Gari Walkowitz & Philipp C. Wichardt, 2014. "Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison," Kiel Working Papers 1905, Kiel Institute for the World Economy.
  4. Hardeweg, Bernd & Menkhoff, Lukas & Waibel, Hermann, 2011. "Experimentally-validated survey evidence on individual risk attitudes in rural Thailand," Hannover Economic Papers (HEP), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-464, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  5. Fisher, Monica & Reimer, Jeffrey J. & Carr, Edward R., 2010. "Who Should be Interviewed in Surveys of Household Income?," World Development, Elsevier, Elsevier, vol. 38(7), pages 966-973, July.
  6. Clotfelter, Charles T & Cook, Philip J, 1990. "On the Economics of State Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 105-19, Fall.
  7. Jeffery Carpenter & Juan Camilo Cardenas, 2006. "Behavioural Development Economics: Lessons from field labs in the developing world," Middlebury College Working Paper Series, Middlebury College, Department of Economics 0616, Middlebury College, Department of Economics.
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Cited by:
  1. Keil, Alwin & Nielsen, Thea, 2012. "Accounting for farmers’ risk preferences in investigating land allocation decisions in marginal environments: a test of various elicitation measures in an application from Vietnam," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil, International Association of Agricultural Economists 126054, International Association of Agricultural Economists.

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