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Risk aversion: an experiment with self-employed workers and salaried workers

Listed author(s):
  • Nathalie Colombier

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

  • Laurent Denant-Boèmont

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

  • Youenn Lohéac

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

  • David Masclet

    ()

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique, CIRANO - Centre Interuniversitaire de Recherche en ANalyse des Organisations)

In this article we present the results of a lottery-choice experiment to address the following questions: Do risk vary across individuals? What is the impact of context on risk aversion? The originality of this research lies in introducing variability in socio-demographic characteristics by recruiting not only students but also 'real people' among salaried workers and self-employed workers. Our results indicate that risk attitude strongly varies across individuals. In particular, individuals who are self employed tend to be significantly less risk averse than others. In addition, we replicated Holt and Laury (2002, 2005) and Harrison et al. (2005)'s findings that individuals tend to be more risk averse with higher payoffs. Finally, our results concerning a potential experience effect indicate the existence of a significant order effect for both treatments.

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Paper provided by HAL in its series Post-Print with number halshs-00144849.

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Date of creation: 2008
Publication status: Published in Applied Economics Letters, Taylor & Francis (Routledge): SSH Titles, 2008, 15 (10), pp.791 - 795. <10.1080/13504850600749149>
Handle: RePEc:hal:journl:halshs-00144849
DOI: 10.1080/13504850600749149
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00144849
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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