{"title":"Eliciting individual risk attitudes - different procedures, different findings","authors":"Sven Grüner, Norbert Hirschauer, Felix Krüger","doi":"10.1504/ijids.2023.132823","DOIUrl":null,"url":null,"abstract":"We compare three procedures for eliciting individual risk attitudes: Holt and Laury (2002), Eckel and Grossman (2002) and the general willingness-to-take-risks question of the German socio-economic panel. Using a within-subject design, we carry out a classroom experiment with students who are enrolled in the degree programs Physics, Computer Sciences, Agricultural Sciences, Law, and History. We find that the risk attitudes as measured by the three procedures diverge substantially. This poses a serious challenge to the validity of these measurement instruments.","PeriodicalId":38184,"journal":{"name":"International Journal of Information and Decision Sciences","volume":"10 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Information and Decision Sciences","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1504/ijids.2023.132823","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Decision Sciences","Score":null,"Total":0}
引用次数: 0
Abstract
We compare three procedures for eliciting individual risk attitudes: Holt and Laury (2002), Eckel and Grossman (2002) and the general willingness-to-take-risks question of the German socio-economic panel. Using a within-subject design, we carry out a classroom experiment with students who are enrolled in the degree programs Physics, Computer Sciences, Agricultural Sciences, Law, and History. We find that the risk attitudes as measured by the three procedures diverge substantially. This poses a serious challenge to the validity of these measurement instruments.
期刊介绍：
In today''s fast-paced business environment, even with an abundance of information, decision-making can be complex and slow. As floods of data emerge, effective information processing is sought as a panacea. With the ever-present spectre of uncertainty, sound decisions are key. As a consequence of the various conflicts/dilemmas, employment of efficient data management leading to better decision-making is the goal. Organisations must employ effective information management/decision-making processes at each critical stage of their functions. IJIDS addresses the issues involved in this. Topics covered include: -AHP or DEA -Behavioural sciences, psychology, sociology -Business intelligence, economics -Computing and decision sciences, data-driven decision making -Decision making in social setting, under uncertainty, with multimedia -Decision support systems/software -Decision theory, decision trees, MCDM -Ethical decision making, group decision making, software -Fuzzy information processing, game theory, grid analysis, informatics, IT -Intelligent agent technologies, neural networks, OLAP -Knowledge discovery in databases, web search, scenario/system analysis -Mathematics of decision sciences, decision making methods/styles -Perspectives of decision making, robust decisions, morphological analysis -Political/public decision making -Risk management, statistics
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