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Measuring Risk Attitudes Controlling for Personality Traits

  • Jungmin Lee

    ()

    (Department of Economics, Florida International University)

  • Cary Deck

    ()

    (Department of Economics, University of Arkansas)

  • Javier Reyes

    ()

    (Department of Economics, University of Arkansas)

  • Chris Rosen

    ()

    (Department of Management, University of Arkansas)

This study measures risk attitudes using two paid experiments: the Holt and Laury (2002) procedure and a variation of the game show Deal or No Deal. The participants also completed a series of personality questionnaires developed in the psychology literature including the risk domains of Weber, Blais, and Betz (2002). As in previous studies risk attitudes vary within subjects across elicitation methods. However, this variation can be explained by individual personality traits. Specifically, subjects behave as though the Holt and Laury task is an investment decision while the Deal or No Deal task is a gambling decision.

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File URL: http://casgroup.fiu.edu/pages/docs/2249/1275227493_08-01.pdf
File Function: Revised version, 2008
Download Restriction: no

Paper provided by Florida International University, Department of Economics in its series Working Papers with number 0801.

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Length: 29 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:fiu:wpaper:0801
Contact details of provider: Postal: Miami, FL 33199
Phone: (305) 348-2316
Fax: (305) 348-1524
Web page: http://casgroup.fiu.edu/Economics/
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  2. Hartley, Roger & Lanot, Gauthier & Walker, Ian, 2005. "Who Really Wants to be a Millionaire : Estimates of Risk Aversion from Game Show Data," The Warwick Economics Research Paper Series (TWERPS) 719, University of Warwick, Department of Economics.
  3. Beetsma, Roel M W J & Schotman, Peter C, 2001. "Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show Lingo," Economic Journal, Royal Economic Society, vol. 111(474), pages 821-48, October.
  4. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
  5. Charness, Gary B & Gneezy, Uri, 2007. "Strong Evidence for Gender Differences in Investment," University of California at Santa Barbara, Economics Working Paper Series qt428481s8, Department of Economics, UC Santa Barbara.
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  8. Ann-Renée Blais & Elke U. Weber, 2006. "A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 33-47, July.
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  17. Mark Van Boening & Stephen Rassenti & Vernon Smith, 1998. "Numerical Computation of Equilibrium Bid Functions in a First-Price Auction with Heterogeneous Risk Attitudes," Experimental Economics, Springer, vol. 1(2), pages 147-159, September.
  18. Ann-Renée Blais & Elke U. Weber, 2006. "A Domain-Specific Risk-Taking (DOSPERT)Scale for Adult Populations," CIRANO Working Papers 2006s-24, CIRANO.
  19. Isaac, R Mark & James, Duncan, 2000. " Just Who Are You Calling Risk Averse?," Journal of Risk and Uncertainty, Springer, vol. 20(2), pages 177-87, March.
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  22. Pavlo Blavatskyy & Ganna Pogrebna, 2006. "Testing the Predictions of Decision Theories in a Natural Experiment When Half a Million Is at Stake," IEW - Working Papers 291, Institute for Empirical Research in Economics - University of Zurich.
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  24. Cox, James C. & Smith, Vernon L. & Walker, James M., 1983. "A test that discriminates between two models of the Dutch-first auction non-isomorphism," Journal of Economic Behavior & Organization, Elsevier, vol. 4(2-3), pages 205-219.
  25. Glenn W. Harrison & Eric Johnson & Melayne M. McInnes & E. Elisabet Rutström, 2005. "Temporal stability of estimates of risk aversion," Applied Financial Economics Letters, Taylor and Francis Journals, vol. 1(1), pages 31-35, January.
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