Measuring risk aversion is sensitive to assumptions about the wealth in subjects' utility functions. Data from the same … simultaneously with risk aversion. This paper first shows how wealth estimates can be identified assuming constant relative risk … aversion (CRRA). Using the data from a recent experiment by Holt and Laury (2002), it is shown that most subjects' behavior is …

We empirically compare the consistency among several measures of risk-taking and patience by evaluating how these … choice elicitation methods for financial decisions. Our results continue to hold in an incentivized laboratory experiment. We … for a possible measurement problem by applying an error-in-variables regression yields mixed results …