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Measuring individual risk attitudes when preferences are imprecise
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Loomes, Graham and Pogrebna, Ganna (2013) Measuring individual risk attitudes when preferences are imprecise. Working Paper. Coventry: Warwick Manufacturing Group. WMG Service Systems Research Group Working Paper Series (Number 09/13).
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Official URL: http://www2.warwick.ac.uk/fac/sci/wmg/research/bus...
Abstract
There is widespread interest in measuring risk attitudes and incorporating such
measures into broader econometric analyses. We consider three elicitation
procedures currently in use. We find considerable variability within – and even more,
between – the results they produce. We suggest that this reflects the way that
different instruments interact with imprecise underlying preferences. The short run
implication is that such procedures need to be used with caution and are likely to be
highly context-specific. The longer run implication is that adding ‘white noise’ to
deterministic models is inadequate: we need to develop models that allow for
imprecision and procedural variation.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Alternative Title: | |||||
Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group) |
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Library of Congress Subject Headings (LCSH): | Econometric models, Econometrics | ||||
Series Name: | WMG Service Systems Research Group Working Paper Series | ||||
Publisher: | Warwick Manufacturing Group | ||||
Place of Publication: | Coventry | ||||
ISSN: | 2049-4297 | ||||
Official Date: | 2013 | ||||
Dates: |
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Number: | Number 09/13 | ||||
Number of Pages: | 50 | ||||
Institution: | University of Warwick | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Funder: | Economic and Social Research Council (Great Britain) (ESRC), Leverhulme Trust (LT) | ||||
Grant number: | RES-051-27-0248 (ESRC) | ||||
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