Preference heterogeneity in experiments: Comparing the field and laboratory

Journal of Economic Behavior and Organization

Volumn 73, Issue 2, 2010, Pages 209-224

  Andersen, Steffen ^a   Harrison, Glenn W ^b   Lau, Morten Igel ^c   Rutström, E Elisabet ^b  

^a Department of Innovation and Organizational Economics   (Denmark)

^b UNIVERSITY OF CENTRAL FLORIDA   (United States)

^c NEWCASTLE UNIVERSITY BUSINESS SCHOOL   (United Kingdom)

Author keywords

Discount rates; Field experiments; Laboratory experiments; Preferences; Risk aversion

Indexed keywords

EID: 74749091839     PISSN: 01672681     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jebo.2009.09.006     Document Type: Article

References (48)

1. Andersen S., Harrison G.W., Lau M.I., and Rutström E.E. Elicitation using multiple price list format. Experimental Economics 9 (2006) 383-405
2. Andersen S., Harrison G.W., Lau M.I., and Rutström E.E. Eliciting risk and time preferences. Econometrica 76 (2008) 583-618
3. Andersen S., Harrison G.W., Lau M.I., and Rutström E.E. Lost in state space: are preferences stable?. International Economic Review 49 (2008) 1091-1112
4. Ballinger T.P., and Wilcox N.T. Decisions, error and heterogeneity. Economic Journal 107 (1997) 1090-1105
5. Blackburn M., Harrison G.W., and Rutström E.E. Statistical bias functions and informative hypothetical surveys. American Journal of Agricultural Economics 76 (1994) 1084-1088
6. Camerer C. Behavioral Game Theory (2003), Princeton University Press, New Jersey
7. Coller M., and Williams M.B. Eliciting individual discount rates. Experimental Economics 2 (1999) 107-127
8. Cox J.C., and Sadiraj V. Small- and large-stakes risk aversion: implications of concavity calibration for decision theory. Games & Economic Behavior 56 (2006) 45-60
9. Dehejia R.H., and Wahba S. Causal effects in nonexperimental studies: reevaluating the evaluation of training programs. Journal of the American Statistical Association 94 (1999) 1053-1062
10. Dehejia R.H., and Wahba S. Propensity score matching for nonexperimental causal studies. Review of Economics & Statistics 84 (2002) 151-161
11. Dohmen T., Falk A., Huffman D., Sunde U., Schupp J., and Wagner G.G. Individual Risk Attitudes: New Evidence from a Large Representative, Experimentally-Validated Survey. Discussion Paper 1730 (2005), Institute for the Study of Labor, Bonn, Germany
12. Donkers B., and van Soest A. Subjective measures of household preferences and financial decisions. Journal of Economic Psychology 20 (1999) 613-642
13. Eckel C.C., and Grossman P.J. Forecasting risk attitudes: an experimental study using actual and forecast gambling choices. Journal of Economic Behavior & Organization 68 1 (2008) 1-17
14. Eckel C.C., and Grossman P.J. Sex and risk: experimental evidence. In: Plott C.R., and Smith V.L. (Eds). Handbook of Results in Experimental Economics (2008), North Holland/Elsevier Press, Amsterdam
15. Eckel C., Johnson C., and Montmarquette C. Savings decisions of the working poor: short- and long-term horizons. In: Carpenter J., Harrison G.W., and List J.A. (Eds). Field Experiments in Economics (2005), JAI Press, Research in Experimental Economics, Greenwich, CT
16. Gonzalez R., and Wu G. On the shape of the probability weighting function. Cognitive Psychology 38 (1999) 129-166
17. Harbaugh W.T., Krause K., and Vesterlund L. Risk attitudes of children and adults: choices over small and large probability gains and losses. Experimental Economics 5 (2002) 53-84
18. Harrison G.W. Experimental evidence on alternative environmental valuation methods. Environmental and Resource Economics 34 (2006) 125-162
19. Harrison G.W., Jensen J., Lau M.I., and Rutherford T.F. Policy reform without tears. In: Fossati A., and Weigard W. (Eds). Policy Evaluation with Computable General Equilibrium Models (2002), Routledge, New York
20. Harrison G.W., Johnson E., McInnes M.M., and Rutström E.E. Temporal stability of estimates of risk aversion. Applied Financial Economics Letters 1 (2005) 31-35
21. Harrison G.W., Johnson E., McInnes M.M., and Rutström E.E. Risk aversion and incentive effects: comment. American Economic Review 95 (2005) 897-901
22. Harrison G.W., Lau M.I., and Rutström E.E. Estimating risk attitudes in Denmark: a field experiment. Scandinavian Journal of Economics 109 (2007) 341-368
23. Harrison G.W., Lau M.I., Rutström E.E., and Sullivan M.B. Eliciting risk and time preferences using field experiments: some methodological issues. In: Carpenter J., Harrison G.W., and List J.A. (Eds). Field Experiments in Economics (2005), JAI Press, Research in Experimental Economics, Greenwich, CT
24. Harrison G.W., Lau M.I., and Williams M.B. Estimating individual discount rates for Denmark: a field experiment. American Economic Review 92 (2002) 1606-1617
25. Harrison G.W., and List J.A. Field experiments. Journal of Economic Literature 42 (2004) 1013-1059
26. Harrison G.W., and Vinod H.D. The sensitivity analysis of applied general equilibrium models: completely randomized factorial sampling designs. Review of Economics and Statistics 74 (1992) 357-362
27. Hey J.D. Experimental economics and the theory of decision making under uncertainty. Geneva Papers on Risk and Insurance Theory 27 (2002) 5-21
28. Holt C.A., and Laury S.K. Risk aversion and incentive effects. American Economic Review 92 (2002) 1644-1655
29. Jianakoplos N.A., and Bernasek A. Are women more risk averse?. Economic Inquiry 36 (1998) 620-630
30. Kagel J.H., and Levin D. Common Value Auctions and the Winner's Curse (2002), Princeton University Press, New Jersey
31. Kapteyn A., and Teppa F. Hypothetical intertemporal consumption choices. Economic Journal 113 (2003) C140-C151
32. Lalonde R.J. Evaluating the econometric evaluations of training programs with experimental data. American Economic Review 76 (1986) 604-620
33. Lau M.I. Assessing tax reforms when human capital is endogenous. In: Harrison G.W., Jensen S.E.H., Pedersen L.H., and Rutherford T.F. (Eds). Using Dynamic General Equilibrium Models for Policy Analysis (2000), North Holland, Contributions to Economic Analysis, Amsterdam 248
34. Levin I.P., Snyder M.A., and Chapman D.P. The interaction of experiential and situational factors and gender in a simulated risky decision-making task. Journal of Psychology 122 (1988) 173-181
35. Liang K.-Y., and Zeger S.L. Longitudinal data analysis using generalized linear models. Biometrika 73 (1986) 13-22
36. Powell M., and Ansic D. Gender differences in risk behavior in financial decision-making: an experimental analysis. Journal of Economic Psychology 18 (1997) 605-628
37. Rabin M. Risk aversion and expected utility theory: a calibration theorem. Econometrica 68 (2000) 1281-1292
38. Robson A.J. The evolution of attitudes to risk: lottery tickets and relative wealth. Games and Economic Behavior 14 (1996) 190-207
39. Rogers W.H. Regression standard errors in clustered samples. Stata Technical Bulletin 13 (1993) 19-23
40. Rosenbaum P., and Rubin D. The central role of the propensity score in observational studies for causal effects. Biometrika 70 (1983) 41-55
41. Rosenbaum P., and Rubin D. Reducing bias in observational studies using multivariate matched sampling methods that incorporate the propensity score. Journal of the American Statistical Association 79 (1984) 39-68
42. Rubin P.H., and Paul C.W. An evolutionary model of taste for risk. Economic Inquiry 17 (1979) 585-595
43. Saha A. Expo-power utility: a flexible form for absolute and relative risk aversion. American Journal of Agricultural Economics 75 (1993) 905-913
44. Schubert R., Brown M., Gysler M., and Brachinger H.W. Financial decision-making: are women really more risk averse?. American Economic Review (Papers & Proceedings) 89 (1999) 381-385
45. Smith J., and Todd P. Does matching address LaLonde's critique of nonexperimental estimates?. Journal of Econometrics 125 (2005) 305-353
46. Starmer C. Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk. Journal of Economic Literature XXXVIII (2000) 332-382
47. United States Office of Management and Budget. Standards and Guidelines for Statistical Surveys (2006), Office of Management and Budget, Washington, DC
48. Williams R.L. A note on robust variance estimation for cluster-correlated data. Biometrics 56 (2000) 645-646