Publication

This paper compares the performance of two empirical measures of individual risk attitudes, namely the Holt and Laury (2002) lottery-choice task and the multi-item questionnaire advocated by Dohmen, Falk, Huffman, Schupp, Sunde and Wagner (2011). In particular, it compares them with respect to 1) their test-retest stability over time and 2) their correlation with actual risk-taking behavior in economic experiments. The authors say that their findings suggest that the questionnaire is the more adequate measure of individual risk attitudes.