Stability of risk preference measures: results from a field experiment on French farmers |
| |
Authors: | Arnaud Reynaud Stéphane Couture |
| |
Institution: | 1. Toulouse School of Economics (LERNA-INRA), Universit?? deToulouse 1 Capitole, Manufacture des Tabacs - Bat.F, 21 all??e de Brienne, 31042, Toulouse, France 2. INRA, UR 875 BIA, 31326, Castanet-Tolosan, France
|
| |
Abstract: | We compare two different elicitation methods for measuring risk attitudes on a sample of French farmers. We consider the lottery tasks initially proposed by Holt and Laury (Econ Rev 92:1644?C1655, 2002) and by Eckel and Grossman (Evol Hum Behav 23:281?C295, 2002; J Econ Behav Org 68:1?C7, 2008). The main empirical result from this within-subject study is that risk preference measures are affected by the type of mechanism used. We first show that this risk preference instability can be related to non-expected utility preferences of farmers. Using a risk-taking psychometric questionnaire, we then demonstrate that risk preferences of farmers are context-dependent. This may be another explanation of the observed risk preference instability. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|