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Inducing risk preferences in economics experiments

Lookup NU author(s): Professor Ian Dobbs, Tony Miller

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Abstract

A common procedure in experiments is to use binary lotteries to induce in all subjects pre-specified risk preferences. The validity of this procedure has been established only for a subject performing a single task, yet the procedure is normally applied in multi-task settings. This article formally analyses the multi-task case and establishes necessary and sufficient conditions relating to experimental design. New guidance is provided for the design of experiments involving interdependent tasks.

Publication metadata

Author(s): Dobbs IM, Miller AD

Publication type: Article

Publication status: Published

Journal: Applied Economics Letters

Year: 2012

Volume: 19

Issue: 7

Pages: 657-660

Print publication date: 24/08/2011

ISSN (print): 1350-4851

ISSN (electronic): 1466-4291

Publisher: Routledge

URL: http://dx.doi.org/10.1080/13504851.2011.593493

DOI: 10.1080/13504851.2011.593493

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