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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Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - Internal and External Validity
T2 - Comparing Two Simple Risk Elicitation Tasks
AU - Dasgupta, Utteeyo
AU - Mani, Subha
AU - Sharma, Smriti
AU - Singhal, Saurabh
N1 - 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
PY - 2019/8/1
Y1 - 2019/8/1
N2 - 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.
AB - 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.
KW - Risk preferences
KW - Experiment design
KW - Elicitation methods
KW - India
U2 - 10.1016/j.socec.2019.05.005
DO - 10.1016/j.socec.2019.05.005
M3 - Journal article
VL - 81
SP - 39
EP - 46
JO - Journal of Behavioral and Experimental Economics
JF - Journal of Behavioral and Experimental Economics
SN - 2214-8043
ER -