Hindsight Bias and Individual RiskAttitude within the Context ofExperimental Asset Markets

This paper investigates (i) the robustness of hindsight bias in experimental assetmarkets, (ii) the time invariance of the different experimental risk elicitationmethods of certainty equivalents and binary lottery choices, and (iii) their correspondence.The results of our within-subjects approach with 133 traders do notsupport the conjecture that hindsight bias is a general phenomenon. Furthermore,our findings challenge the presumption of time-stable risk preferences and of proceduralinvariance with respect to different experimental risk elicitation methods.