Measuring Risk Attitudes in a Natural Experiment: Data from the Television Game Show Lingo*
利用电视游戏节目《Lingo》中的彩票选择数据作为自然实验，测量参与者的风险态度。研究发现显著的规避风险行为，且CRRA和CARA效用函数拟合效果相近。
We use data from a television game show involving elementary lotteries as a natural experiment to measure risk attitudes. Unique features of our data set are the substantial monetary stakes and the large sample size. CRRA and CARA utility specifications perform approximately equally well. We find robust evidence of substantial risk aversion. Extensions of the basic model, which allow for a separate utility flow purely from playing the game or for decisions based on decision weights instead of actual probabilities, raise the estimated degree of risk aversion.