Selection and mode effects in risk preference elicitation experiments

We combine data from a risk preference elicitation experiment conducted on a representative sample via the Internet with laboratory data on student subjects for the same experiment in order to investigate effects of implementation mode and of subject poolselection. We find that the frequency of errors in the lab experiment is drastically below that of the representative sample in the Internet experiment. Average risk aversion is lower in the lab as well. Considering the student-like subsample of the Internet subjectsand comparing a traditional lab design with an Internet-like design in the lab gives two ways to decompose these differences into di erences due to subject pool selection and differences due to implementation mode. Both lead to the conclusion that the differencesare due to selection and not to implementation mode. An analysis of the various steps leading to participation or non-participation in the Internet shows that these processes are selective in selecting subjects who make fewer errors, but do not lead to biased conclusionson risk preferences. These findings point at the usefulness of the Internet survey as an alternative to a student pool in the laboratory if the ambition is to draw inference on a broad population.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

MEER OVER NETSPAR


Missie en strategie           •           Netwerk           •           Organisatie           •          Podcasts
Board Brief            •            Werkprogramma 2019-2023           •           Onderzoeksagenda

OVER NETSPAR

Onze partners

B20160708_university of groningen
B20160615_pggmgroengrijs_grijswaarden_small
B20220518_BNP Paribas logo_voettekst
B20211201_Cardano_Logo 2021_website
B20160708_afm
Bekijk al onze partners