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

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  • Nathalie Colombier

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Laurent Denant-Boèmont

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Youenn Lohéac

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • David Masclet

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique, CIRANO - Centre interuniversitaire de recherche en analyse des organisations [Montréal, Canada] = Center for Interuniversity Research and Analysis on Organizations [Montréal, Canada])

Abstract

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Nathalie Colombier & Laurent Denant-Boèmont & Youenn Lohéac & David Masclet, 2008. "Risk aversion: an experiment with self-employed workers and salaried workers," Post-Print halshs-00144849, HAL.
    • Handle: RePEc:hal:journl:halshs-00144849
    DOI: 10.1080/13504850600749149
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    1. repec:osf:osfxxx:s7tcb_v1 is not listed on IDEAS
    2. Prada-Medina, Laura & Mantilla, Cesar & Cortes, Darwin, 2022. "Procedural preferences for autonomy: an experimental study with Colombian workers," OSF Preprints s7tcb, Center for Open Science.
    3. Nadia Simoes & Nuno Crespo & Sandrina B. Moreira, 2016. "Individual Determinants Of Self-Employment Entry: What Do We Really Know?," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 783-806, September.
    4. Marco Guerrazzi & Pier Giuseppe Giribone, 2021. "Dynamic wage bargaining and labour market fluctuations: the role of productivity shocks," SN Business & Economics, Springer, vol. 1(8), pages 1-20, August.
    5. Eisenhauer, Joseph G., 2010. "Rank-ordering of risk preferences with conventional and discrete measures," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(3), pages 291-297, August.
    6. Howard, Gregory E. & Roe, Brian E., 2011. "Comparing the Risk Attitudes of U.S. and German Farmers," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114528, European Association of Agricultural Economists.
    7. Li, Yue & Mastrogiacomo, Mauro & Hochguertel, Stefan & Bloemen, Hans, 2016. "The role of wealth in the start-up decision of new self-employed: Evidence from a pension policy reform," Labour Economics, Elsevier, vol. 41(C), pages 280-290.

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