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Common components of risk and uncertainty attitudes across contexts and domains: Evidence from 30 countries

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  • Vieider, Ferdinand M.
  • Lefebvre, Mathieu
  • Bouchouicha, Ranoua
  • Chmura, Thorsten
  • Hakimov, Rustamdjan
  • Krawczyk, Michal
  • Martinsson, Peter

Abstract

Attitudes towards uncertainty have been indicated to be highly context-dependent, and to be sensitive to the measurement technique employed. We present data collected in controlled experiments with 2939 subjects in 30 countries measuring uncertainty attitudes through incentivized measures as well as survey questions. Our data show clearly that measures correlate not only within decision context or measurements methods, but also across contexts and methods. This points to the existance of one underlying 'risk preference', which influences attitudes independently of the measurement method or choice domain. We furthermore find that answers to a general survey question correlate with incentivized lottery choices in most countries. Much more surprisingly, incentivized and survey measures also correlate significantly between countries. This opens the possibility to conduct cultural comparisons on risk attitudes using survey instruments. --

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Bibliographic Info

Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, WZB Junior Research Group Risk and Development with number SP II 2013-402.

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Date of creation: 2013
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Handle: RePEc:zbw:wzbrad:spii2013402

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Keywords: risk attitudes; uncertainty attitudes; context-specificity; experimental methodology;

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Cited by:
  1. Tristan Le Cotty & Elodie Maître d’Hôtel & Raphaël Soubeyran & Julie Subervie, 2014. "Wait and Sell: Farmers’ individual preferences and crop storage in Burkina Faso," Working Papers 14-07, LAMETA, Universtiy of Montpellier, revised Jul 2014.

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