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Do measures of risk attitude in the laboratory predict behavior under risk in and outside of the laboratory?
Journal of Risk and Uncertainty ( IF 3.977 ) Pub Date : 2020-07-18 , DOI: 10.1007/s11166-020-09325-6
Gary Charness , Thomas Garcia , Theo Offerman , Marie Claire Villeval

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.

中文翻译:

实验室中的风险态度量度是否可以预测实验室内外的风险行为?

我们考虑了风险态度的实验室指标的外部有效性。基于荷兰人口代表小组的大规模实验,我们测试了这些措施是否可以解释两种不同类型的行为:(i)实验室风险财务决策中的行为,以及(ii)自然发生的现场行为中的行为处于风险中(财务,健康和就业决策)。我们发现,风险态度的度量与实验室财务决策中的行为有关,最简单的度量胜过最复杂的度量。但是,风险态度的度量与该领域的冒险行为无关,这使当前用于测量实际风险偏好的方法受到质疑。我们得出的结论是,尽管风险态度量度的外部有效性在紧密相关的框架中有效,
更新日期:2020-07-18
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