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    Rights statement: This is the author’s version of a work that was accepted for publication in Journal of Behavioral and Experimental Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Behavioral and Experimental Economics, 81, 2019 DOI: 10.1016/j.socec.2019.05.005

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    Embargo ends: 21/05/21

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Internal and External Validity: Comparing Two Simple Risk Elicitation Tasks

Research output: Contribution to journalJournal article

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<mark>Journal publication date</mark>1/08/2019
<mark>Journal</mark>Journal of Behavioral and Experimental Economics
Volume81
Number of pages8
Pages (from-to)39-46
Publication statusPublished
Early online date21/05/19
Original languageEnglish

Abstract

Researchers often need to elicit risk attitudes in field experiments or in laboratory experiments. However, choosing a risk elicitation task can be a source of concern, as risk attitudes have been often shown to vary dramatically across tasks. Using a large sample of approximately 2,000 subjects in a within-subjects design, we compare behavior in two commonly used incentivized risk elicitation tasks – the investment game and the ordered lottery choice game – recognized for their simplicity and ease of implementation. We find that risk attitudes elicited from the two tasks show considerable internal consistency, and importantly, have similar predictive validity for behavior in a different task with built-in uncertainty. We also explore determinants of inconsistency between the two risk tasks.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Journal of Behavioral and Experimental Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Behavioral and Experimental Economics, 81, 2019 DOI: 10.1016/j.socec.2019.05.005