Heterogeneity in Risky Choice Behavior in a Broad Population

• 成果类型: Article
• 署名作者: von Gaudecker, Hans-Martin; van Soest, Arthur; Wengstrom, Erik
• 署名单位: University of Mannheim; Tilburg University; Lund University; University of Copenhagen
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.101.2.664
• 发表日期: 2011
• 页码: 664-694
• 关键词: expected utility-theory; prospect-theory; gender-differences; decision-making; aversion; RESOLUTION; uncertainty; attitudes; consumption; lotteries

摘要

We analyze risk preferences using an experiment with real incentives in a representative sample of 1,422 Dutch respondents. Our econometric model incorporates four structural parameters that vary with observed and unobserved characteristics: utility curvature, loss aversion, preferences toward the timing of uncertainty resolution, and the propensity to choose randomly rather than on the basis of preferences. We find that all four parameters contribute to explaining choice behavior. The structural parameters are significantly associated with socioeconomic variables, but it is essential to incorporate unobserved heterogeneity in each of them to match the rich variety of choice patterns in the data. (JEL D12, D81)