Comparing a risky choice in the field and across lab procedures |
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| Affiliation: | 1. Faculty of National Economy, University of Economics in Bratislava, Dolnozemska cesta 1, 852 35 Bratislava, Slovak Republic;2. College of Business and Public Policy, University of Alaska Anchorage, 3211 Providence Drive, Anchorage, AK 99508, United States;3. Sam M. Walton College of Business, University of Arkansas, Fayetteville, AR 72701, United States;4. Economic Science Institute, Chapman University, One University Drive, Orange, CA 92866, United States;1. Fondazione Eni Enrico Mattei (FEEM) and Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC), Corso Magenta, 63, 20123 Milano, Italy;2. Berlin School of Economics and Law, Badensche Str. 51, 10825 Berlin and German Institute for Economic Research (DIW Berlin), Mohrenstraße 58, 10117 Berlin, Germany;1. Center for Research in Experimental Economics and political Decision-making (CREED), Amsterdam School of Economics, University of Amsterdam, 1018 WB Amsterdam, The Netherlands;2. Amsterdam Brain and Cognition Centre (ABC), University of Amsterdam, 1018 WT Amsterdam, The Netherlands;3. Center for Mind/Brain Sciences (Cimec), University of Trento, 38123 Mattarello, Italy;4. Department of Experimental and Applied Psychology, Vrije Universiteit Amsterdam, 1081 BT Amsterdam, The Netherlands;5. Groupe d''Analyse et de Théorie Economique (GATE), CNRS and Lumière University Lyon 2, 93 chemin des mouilles, 69130 Ecully, France;6. Department of Psychology, University of Amsterdam, 1001 NK Amsterdam (Postbox 15916), The Netherlands;1. Department of Economics, Bocconi University, Italy;2. Department of Economics and Management, University of Trento, Italy;3. Department of Economics, University of Verona, Italy;1. Departments of Economics, Middlebury College, United States;2. IZA, Germany |
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| Abstract: | Controlled laboratory experiments have become a generally accepted method for studying economic behavior, but there are two issues regarding the reliability of such work. The first pertains to the ability to generalize experimental results outside the laboratory. The second pertains to the impact the payment procedure has on observed behavior. This paper adds empirical insight into both issues. Using data from the promotional campaign of a bank and a laboratory experiment that closely mimics the same decision, we find similar levels of risk taking controlling for gender and age. We also compare behavior on this same risky choice across three distinct experimental payoff procedures: a single salient choice as in the field, multiple responses for similar choices with one selected at random for payment, and a single salient choice that has only a small probability of being implemented. We find nearly identical behavior across these three payment procedures. |
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| Keywords: | Risk attitudes Field data Laboratory experiment Payment procedures 2260 Research Methods & Experimental Design 3920 Consumer Attitudes & Behavior |
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