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The Preference Survey Module: A Validated Instrument for Measuring Risk, Time, and Social Preferences

Author

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  • Armin Falk

    (University of Bonn, D-53113, Bonn, Germany; Behavior and Inequality Research Institute GmbH, 53113 Bonn, Germany)

  • Anke Becker

    (Harvard Business School, Boston, Massachusetts 02163)

  • Thomas Dohmen

    (University of Bonn, D-53113, Bonn, Germany; Maastricht University, School of Business and Economics, 6200 MD, Maastricht, Netherlands)

  • David Huffman

    (University of Pittsburgh, Pittsburgh, Pennsylvania 15260)

  • Uwe Sunde

    (University of Munich, Munich D-80539, Germany)

Abstract

Incentivized choice experiments are a key approach to measuring preferences in economics but are also costly. Survey measures are a low-cost alternative but can suffer from additional forms of measurement error due to their hypothetical nature. This paper seeks to leverage the strengths of both approaches by proposing a new survey module on risk aversion, time discounting, trust, altruism, positive and negative reciprocity, in which survey items are selected based on ability to predict choices in corresponding, incentivized experiments. The methodology and results provided in the paper can also potentially provide a model for researchers who have specific requirements and want to design their own modules.

Suggested Citation

  • Armin Falk & Anke Becker & Thomas Dohmen & David Huffman & Uwe Sunde, 2023. "The Preference Survey Module: A Validated Instrument for Measuring Risk, Time, and Social Preferences," Management Science, INFORMS, vol. 69(4), pages 1935-1950, April.
    • Handle: RePEc:inm:ormnsc:v:69:y:2023:i:4:p:1935-1950
    DOI: 10.1287/mnsc.2022.4455
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    More about this item

    Keywords

    survey validation; experiment; preference measurement;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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