Risk Attitudes, Sample Selection, and Attrition in a Longitudinal Field Experiment

• 成果类型: Article
• 署名作者: Harrison, Glenn W.; Lau, Morten I.; Yoo, Hong Il
• 署名单位: University System of Georgia; Georgia State University; Copenhagen Business School; Durham University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00845
• 发表日期: 2020-07
• 页码: 552-568
• 关键词: utility-theory; preferences; STABILITY; models; CHOICE; BIAS

摘要

We evaluate the temporal stability of risk preferences using a remarkable data set that combines sociodemographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric model accounts for endogenous sample selection and attrition processes that may confound inferences about temporal stability. Our experimental design builds in randomization on the incentives for participation that facilitates empirical identification of the model. In general, we find evidence consistent with temporal stability after correcting for the effects of selection and attrition. When neglected, these effects change our inferences in an economically and statistically significant manner.