Replication data for: Risk Preference: A View from Psychology
Principal Investigator(s): View help for Principal Investigator(s) Rui Mata; Renato Frey; David Richter; Jürgen Schupp; Ralph Hertwig
Version: View help for Version V1
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Project Citation:
Mata, Rui, Frey, Renato, Richter, David, Schupp, Jürgen, and Hertwig, Ralph. Replication data for: Risk Preference: A View from Psychology. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114009V1
Project Description
Summary:
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Psychology offers conceptual and analytic tools that can advance the discussion on the nature of risk preference and its
measurement in the behavioral sciences. We discuss the revealed and stated preference measurement traditions, which have
coexisted in both psychology and economics in the study of risk preferences, and explore issues of temporal stability, convergent
validity, and predictive validity with regard to measurement of risk preferences. As for temporal stability, does risk preference as a
psychological trait show a degree of stability over time that approximates what has been established for other major traits, such
as intelligence, or, alternatively, are they more similar in stability to transitory psychological states, such as emotional states?
Convergent validity refers to the degree to which different measures of a psychological construct capture a common underlying
characteristic or trait. Do measures of risk preference all capture a unitary psychological trait that is indicative of risky behavior
across various domains, or do they capture various traits that independently contribute to risky behavior in specific areas of life,
such as financial, health, and recreational domains? Predictive validity refers to the extent to which a psychological trait has power
in forecasting behavior. Intelligence and major personality traits have been shown to predict important life outcomes, such as
academic and professional achievement, which suggests there could be studies of the short- and long-term outcomes of risk preference—something lacking in current psychological (and economic) research. We discuss the current empirical knowledge on
risk preferences in light of these considerations.
Scope of Project
JEL Classification:
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D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
D15 Intertemporal Household Choice; Life Cycle Models and Saving
D81 Criteria for Decision-Making under Risk and Uncertainty
D11 Consumer Economics: Theory
D12 Consumer Economics: Empirical Analysis
D15 Intertemporal Household Choice; Life Cycle Models and Saving
D81 Criteria for Decision-Making under Risk and Uncertainty
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