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Three Risk-elicitation Methods in the Field - Evidence from Rural Senegal

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  • Charness, Gary
  • Viceisza, Angelino

Abstract

In the past decade, it has become common to use simple laboratory games and decision tasks as a device for measuring risk preferences in the developing world. In this paper, we build on existing taxonomies for risk-elicitation and discuss pros and cons of using such methods in developing-country contexts. We use three distinct riskelicitation mechanisms (the Holt–Laury task, the Gneezy–Potters mechanism, and a non-incentivized willingness-to-risk scale) and subjects from rural Senegal. Our study provides some guidance to researchers wishing to use risk-elicitation mechanisms in the rural developing world.

Suggested Citation

  • Charness, Gary & Viceisza, Angelino, 2016. "Three Risk-elicitation Methods in the Field - Evidence from Rural Senegal," Review of Behavioral Economics, now publishers, vol. 3(2), pages 145-171, July.
    • Handle: RePEc:now:jnlrbe:105.00000046
    DOI: 10.1561/105.00000046
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    More about this item

    Keywords

    Risk-elicitation; Field Experiments; Laboratory experiments in the field; Comprehension; Rural Senegal; Microeconomics of Development; Risk Preferences; Choice under Risk/Uncertainty;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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