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Risk attitude and risk behavior: Comparing Thailand and Vietnam

  • Gloede, Oliver
  • Menkhoff, Lukas
  • Waibel, Hermann

Are responses to a simple survey item sufficiently reliable in eliciting risk attitudes? Our angle in examining reliability is to conduct comparative research across Thailand and Vietnam. We find, first, that the survey item is informative about individual risk attitude because it is plausibly related to socio-demographic characteristics (including vulnerability), it is experimentally validated and has some predictive power. Second, however, we find major differences between both countries: whereas explained variances of regressions are tentatively higher in Vietnam, the predictive value of the survey item is much lower than in Thailand. Therefore, the survey item cannot be implemented across countries in an unreflected way.

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File URL: http://econstor.eu/bitstream/10419/48334/1/33_gloede.pdf
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Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Berlin 2011 with number 33.

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Date of creation: 2011
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Handle: RePEc:zbw:gdec11:33
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  1. Fisher, Monica G. & Reimer, Jeffrey J. & Carr, Edward R., . "Who Should be Interviewed in Surveys of Household Income?," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 95950, African Association of Agricultural Economists (AAAE);Agricultural Economics Association of South Africa (AEASA).
  2. Jan-Erik Lönnqvist & Markku Verkasalo & Gari Walkowitz & Philipp Christoph Wichardt, 2014. "Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison," CESifo Working Paper Series 4663, CESifo Group Munich.
  3. Jeffery Carpenter & Juan Camilo Cardenas, 2006. "Behavioural Development Economics: Lessons from field labs in the developing world," Middlebury College Working Paper Series 0616, Middlebury College, Department of Economics.
  4. Donkers, Bas & van Soest, Arthur, 1999. "Subjective measures of household preferences and financial decisions," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 613-642, December.
  5. Marco Caliendo & Frank Fossen & Alexander Kritikos, 2009. "Risk attitudes of nascent entrepreneurs–new evidence from an experimentally validated survey," Small Business Economics, Springer, vol. 32(2), pages 153-167, February.
  6. Clotfelter, Charles T & Cook, Philip J, 1990. "On the Economics of State Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 105-19, Fall.
  7. Hardeweg, Bernd & Menkhoff, Lukas & Waibel, Hermann, 2011. "Experimentally-validated survey evidence on individual risk attitudes in rural Thailand," Hannover Economic Papers (HEP) dp-464, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
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