Measuring Individual Risk Attitudes when Preferences are Imprecise
研究了三种风险态度测量方法，发现结果内部和之间差异很大，说明不同工具与不精确偏好的交互作用，建议谨慎使用并发展允许不精确性的模型。
There is widespread interest in measuring risk attitudes and incorporating such \nmeasures into broader econometric analyses. We consider three elicitation \nprocedures currently in use. We find considerable variability within – and even more, \nbetween – the results they produce. We suggest that this reflects the way that \ndifferent instruments interact with imprecise underlying preferences. The short run \nimplication is that such procedures need to be used with caution and are likely to be \nhighly context-specific. The longer run implication is that adding ‘white noise’ to \ndeterministic models is inadequate: we need to develop models that allow for \nimprecision and procedural variation. \n