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Attitudes Toward Risk: Experimental Measurement in Rural India

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Author Info
Hans P. Binswanger
Abstract

Attitudes toward risk were measures in 240 households using two methods: an interview method eliciting certainty equivalents and an experimental gambling approach with real payoffs which, at their maximum, exceeded monthly incomes of unskilled laborers. The interview method is subject to interviewer bias and its results were totally inconsistent with the experimental measures of risk aversion. Experimental measures indicate that, at high payoff levels, virtually all individuals are moderately risk-averse with little variation according to personal characteristics. Wealth tends to reduce risk aversion slightly, but its effect is not statistically significant.

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File URL: http://karlan.yale.edu/fieldexperiments/pdf/Binswanger_Attitudes%20Toward%20Risk_Experimental%20Measurement%20in%20Rural%20India.pdf
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Paper provided by The Field Experiments Website in its series Artefactual Field Experiments with number 0008.

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Length: 13 pages
Date of creation: 1980
Date of revision:
Handle: RePEc:feb:artefa:0008

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Related research
Keywords: India; psychological experiments; risk aversion; semi-arid tropics;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Zeckhauser, Richard & Keeler, Emmett, 1970. "Another Type of Risk Aversion," Econometrica, Econometric Society, vol. 38(5), pages 661-65, September. [Downloadable!] (restricted)
  2. Samuelson, Paul A, 1977. "St. Petersburg Paradoxes: Defanged, Dissected, and Historically Described," Journal of Economic Literature, American Economic Association, vol. 15(1), pages 24-55, March. [Downloadable!] (restricted)
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This page was last updated on 2009-10-29.

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