Titelaufnahme

Titel
Do measures of risk attitude in the laboratory predict behavior under risk in and outside of the laboratory? / Gary Charness (University of California at Santa Barbara and IZA), Thomas Garcia (University of Lyon, Universite Lumiere Lyon 2, GATE UMR 5824,QuBE - School of Economics and Finance, QUT), Theo Offerman (CREED and Tinbergen Institute, University of Amsterdam), Marie Claire Villeval (University of Lyon, CNRS, GATE UMR 5824 and IZA) ; IZA Institute of Labor Economics
VerfasserCharness, Gary ; Garcia, Thomas ; Offerman, Theo ; Villeval, Marie-Claire
KörperschaftForschungsinstitut zur Zukunft der Arbeit
ErschienenBonn, Germany : IZA Institute of Labor Economics, June 2019
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (56 Seiten) : Illustrationen, Diagramme
SerieDiscussion paper ; no. 12395
URNurn:nbn:de:hbz:5:2-193332 
Zugriffsbeschränkung
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
Volltexte
Do measures of risk attitude in the laboratory predict behavior under risk in and outside of the laboratory? [0.79 mb]
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Zusammenfassung (Englisch)

We consider the external validity of laboratory measures of risk attitude. Based on a large-scale experiment using a representative panel of the Dutch population, we test if these measures can explain two different types of behavior: (i) behavior in laboratory risky financial decisions, and (ii) behavior in naturally-occurring field behavior under risk (financial, health and employment decisions). We find that measures of risk attitude are related to behavior in laboratory financial decisions and the most complex measures are outperformed by simpler measures. However, measures of risk attitude are not related to risk-taking in the field, calling into question the methods currently used for the purpose of measuring actual risk preferences. We conclude that while the external validity of measures of risk attitude holds in closely related frameworks, this validity is compromised in more remote settings.