G2TT
来源类型Discussion paper
规范类型论文
来源IDDP5534
DP5534 Inflation Bias with Dynamic Phillips Curves
David Vines; Simon Wren-Lewis; Tatiana Kirsanova
发表日期2006-03-02
出版年2006
语种英语
摘要This paper presents new evidence on the distribution of risk attitudes in the population, using a novel set of survey questions and a representative sample of roughly 22,000 individuals living in Germany. Using a question that asks about willingness to take risks in general, on an 11-point scale, we find evidence of heterogeneity across individuals, and show that willingness to take risks is negatively related to age and being female, and positively related to height and parental education. We test the behavioral relevance of this survey measure by conducting a complementary field experiment, based on a representative sample of 450 subjects, and find that the general risk question is a good predictor of actual risk-taking behavior. We then use a more standard lottery question to measure risk preferences in our sample of 22,000, and find similar results regarding heterogeneity and determinants of risk preferences, compared to the general risk question. The lottery question also makes it possible to estimate the coefficient of relative risk aversion for each individual in the sample. Using five questions about willingness to take risks in specific domains - car driving, financial matters, sports and leisure, career, and health - the paper also studies the impact of context on risk attitudes, finding a strong but imperfect correlation across contexts. Using data on a collection of risky behaviors from different contexts, including traffic offences, portfolio choice, smoking, occupational choice, participation in sports, and migration, the paper compares the predictive power of all of the risk measures. Strikingly, the general risk question predicts all behaviors whereas the standard lottery measure does not. The best predictor for any specific behavior is typically the corresponding context-specific measure.
主题Labour Economics
关键词Risk preferences Experimental validation Field experiment Soep Gender differences Context Age Height Subjective well-being Migration
URLhttps://cepr.org/publications/dp5534
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/534378
推荐引用方式
GB/T 7714
David Vines,Simon Wren-Lewis,Tatiana Kirsanova. DP5534 Inflation Bias with Dynamic Phillips Curves. 2006.
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