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- Andersson, OlaUppsala University,Uppsala universitet,UCFS,Res Inst Ind Econ, Stockholm, Sweden. (author)
Robust inference in risk elicitation tasks
- Article/chapterEnglish2020
Publisher, publication year, extent ...
- 2020-12-10
- Springer Nature,2020
- electronicrdacarrier
Numbers
- LIBRIS-ID:oai:DiVA.org:uu-438824
- https://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-438824URI
- https://doi.org/10.1007/s11166-020-09341-6DOI
- https://lup.lub.lu.se/record/552b18f3-5c69-463f-9297-74add24d0a96URI
Supplementary language notes
- Language:English
- Summary in:English
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- SwePubSwePub
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Notes
- Recent experimental evidence suggests that noisy behavior correlates strongly with personal characteristics. Since decision noise leads to bias in most elicitation tasks, there is a risk of falsely interpreting noise-driven relationships as preference driven. This puts previous studies that found a negative relation between personality measures and risk aversion into perspective and in particular raises the question of how to achieve robust inference in this domain. This paper shows, by way of an economic experiment with subjects from all walks of life, that using structural estimation to model heterogeneity of noise in combination with a balanced design allows us to mitigate the bias problem. Our estimations show that cognitive ability is related to noisy behavior rather than risk preferences. We also find age and education to be strongly related to noise, but the personality characteristics obtained using the Big Five inventory are less related to noise and more robustly correlated to risk preferences.
Subject headings and genre
- SAMHÄLLSVETENSKAP Ekonomi och näringsliv Nationalekonomi hsv//swe
- SOCIAL SCIENCES Economics and Business Economics hsv//eng
- SAMHÄLLSVETENSKAP Psykologi Psykologi hsv//swe
- SOCIAL SCIENCES Psychology Psychology hsv//eng
- Risk preference
- Cognitive ability
- Experiment
- Noise
- Structural estimation
Added entries (persons, corporate bodies, meetings, titles ...)
- Holm, Håkan J.Lund University,Lunds universitet,Nationalekonomiska institutionen,Ekonomihögskolan,Department of Economics,Lund University School of Economics and Management, LUSEM(Swepub:lu)nek-jho (author)
- Tyran, Jean-RobertUniv Vienna, Oskar Morgenstern Pl 1, A-1090 Vienna, Austria.;Univ Copenhagen, Copenhagen, Denmark.,University of Vienna,University of Copenhagen (author)
- Wengström, ErikLund University,Lunds universitet,Nationalekonomiska institutionen,Ekonomihögskolan,Department of Economics,Lund University School of Economics and Management, LUSEM(Swepub:lu)nek-ewe (author)
- Uppsala universitetUCFS (creator_code:org_t)
Related titles
- In:Journal of Risk and Uncertainty: Springer Nature61:3, s. 195-2090895-56461573-0476
Internet link
- https://doi.org/10.1007/s11166-020-09341-6Fulltext
- https://uu.diva-portal.org/smash/get/diva2:1544104/FULLTEXT01.pdffulltext:print
- https://link.springer.com/content/pdf/10.1007/s11166-020-09341-6.pdf
- http://dx.doi.org/10.1007/s11166-020-09341-6FULLTEXT
- https://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-438824
- https://doi.org/10.1007/s11166-020-09341-6
- https://lup.lub.lu.se/record/552b18f3-5c69-463f-9297-74add24d0a96
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