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Lottery- and survey-based risk attitudes linked through a multichoice elicitation task

Author

Listed:
  • Giuseppe Attanasi

    (University of Lille 1, LEM (Lille Economics Management), Cité Scientifique)

  • Nikolaos Georgantzís

    (Burgundy School of Wine and Spirits Business
    University of Reading)

  • Valentina Rotondi

    (Politecnico di Milano)

  • Daria Vigani

    (Catholic University of the Sacred Heart)

Abstract

We analyze the results from three different risk attitude elicitation methods. First, the broadly used test by Holt and Laury (2002), HL, second, the lottery-panel task by Sabater-Grande and Georgantzis (2002), SG, and third, responses to a survey question on self-assessment of general attitude towards risk (Dohmen et al. 2011). The first and the second task are implemented with real monetary incentives, while the third concerns all domains in life in general. Like in previous studies, the correlation of decisions across tasks is low and usually statistically non-significant. However, when we consider only subjects whose behavior across the panels of the SG task is compatible with constant relative risk aversion (CRRA), the correlation between HL and self-assessed risk attitude becomes significant. Furthermore, the correlation between HL and SG also increases for CRRA-compatible subjects, although it remains statistically non-significant.

Suggested Citation

  • Giuseppe Attanasi & Nikolaos Georgantzís & Valentina Rotondi & Daria Vigani, 2018. "Lottery- and survey-based risk attitudes linked through a multichoice elicitation task," Theory and Decision, Springer, vol. 84(3), pages 341-372, May.
    • Handle: RePEc:kap:theord:v:84:y:2018:i:3:d:10.1007_s11238-017-9613-0
    DOI: 10.1007/s11238-017-9613-0
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    More about this item

    Keywords

    Risk aversion; Elicitation methods; Lottery choices;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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