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Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical Comparison
Wichardt, Philipp C.; Lönnqvist, Jan-Erik; Verkasalo, … - 2010
respect to (a) their correlation with actual risk-taking behaviour in the lab - here the amount sent in a trust game, and (b … actual risk-taking behaviour (both studies) and with the Big Five personality measure (gathered prior to study 1); and the … eliciting individual risk attitudes than the lottery-choice task. Moreover, with respect to trust, the data further support the …
Persistent link: https://www.econbiz.de/10010270205
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The Empire Is Dead, Long Live the Empire! Values and Human Interactions 90 Years after the Fall of the Habsburg Empire
Becker, Sascha O.; Boeckh, Katrin; Hainz, Christa; … - 2010
increases current social capital and trust and reduces corruption in several public services. Past formal institutions can leave …
Persistent link: https://www.econbiz.de/10010270152
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Impatience and Uncertainty: Experimental Decisions Predict Adolescents' Field Behavior
Rützler, Daniela; Sutter, Matthias; Kocher, Martin G.; … - 2011
We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to eighteen years, in an incentivized experiment. We relate experimental choices to field behavior. Experimental measures of impatience are found to be significant predictors of health...
Persistent link: https://www.econbiz.de/10010305955
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Social Reference Points and Risk Taking
Schwerter, Frederik - 2015
We test whether social reference points impact individual risk taking. In a laboratory experiment, decision makers observe the earnings of a peer subject before making a risky choice. We exogenously manipulate the peer earnings across two treatments. We find a significant treatment effect on...
Persistent link: https://www.econbiz.de/10011301485
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Performance Pay, Sorting and Employers Choice:
Hoffmann, Timo - 2015
In this paper I analyze the attractiveness of a rank-order tournament if both market sides, employers and workers, can choose between several payment systems. I consider the self-selection of workers into different payment schemes, their effort provisions and the payment system choices of...
Persistent link: https://www.econbiz.de/10011301564
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Contract Nonperformance and Ambiguity in Insurance Markets
Landmann, Andreas; Biener, Christian; Eling, Martin; … - 2015
Insurance contract nonperformance relates to situations when valid claims are not paid by the insurer. We extend probabilistic insurance models to allow for such nonperformance risk as well as ambiguity regarding nonperformance and loss probabilities. We empirically test theoretical predictions...
Persistent link: https://www.econbiz.de/10011301646
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An Experimental Study of Precautionary Bidding
Kocher, Martin; Pahlke, Julius; Trautmann, Stefan - 2013
Auctions often involve goods exhibiting a common knowledge ex-post risk. Precautionary bidding predicts that under expected utility, ex-post risk leads DARA bidders to reduce their bids by more than the appropriate risk premium. Because the degree of riskiness of the good, and bidders risk...
Persistent link: https://www.econbiz.de/10010329232
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Betrayal Aversion and the Effectiveness of Incentive Contracts
Rau, Holger; Müller, Stephan - 2018
In this paper we study the impact of betrayal aversion on agents' effort provision, when principals have discretion regarding agents' remuneration. We show theoretically that agents who work under a nonbinding bonus contract face a trade off in their effort choice between the likelihood and the...
Persistent link: https://www.econbiz.de/10011892143
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A Note on Measuring Risk Aversion
Maier, Johannes; Rüger, Maximilian - 2010
In this paper we propose a new method to elicit the intensity of individual's risk preferences. Our method uses a simple multiple price-list format and is based on the increasing risk definitions of Rothschild and Stiglitz (1970, 1971). We are thus able to classify individuals as more or less...
Persistent link: https://www.econbiz.de/10010270249
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The St. Petersburg Paradox despite risk-seeking preferences. An experimental study
Kroll, Eike Benjamin; Vogt, Bodo - 2010
The St. Petersburg Paradox is one of the oldest violations of expected utility theory. Thus far, explanations of the paradox aim at small probabilities being perceived as zero and the boundedness of utility. This paper provides experimental results showing that neither risk attitudes nor...
Persistent link: https://www.econbiz.de/10010273624