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Eliciting Risk and Time Preferences in Field Experiments: Are They Related to Cognitive and Non-Cognitive Outcomes? Are Circumstances Important?

Author

Listed:
  • Martina MENON
  • Federico PERALI

    (Department of Economics and CHILD, University of Verona)

Abstract

This study investigates how cognitive and non-cognitive personality traits, and economic preference parameters, such as risk aversion and impatience, relate to each other and to characteristics pertaining to the individual, family and society paying special attention to the role played by circumstances and responsibilities as the result of individuals’ effort. The analysis uses data about cognitive abilities, non-cognitive personality traits, economic preferences and the socio-economic circumstances of a sample of High School leavers in the Veneto region, located in the North-East of Italy, and two samples of university students, one covering the nation as a whole and the other from the University of Verona. We show that it is both feasible and reliable to elicit risk and time attitudes in field experiments. The study of the relations linking cognitive skills, non-cognitive traits, economic parameters and socio-economic circumstances has revealed interesting regularities.

Suggested Citation

  • Martina MENON & Federico PERALI, 2009. "Eliciting Risk and Time Preferences in Field Experiments: Are They Related to Cognitive and Non-Cognitive Outcomes? Are Circumstances Important?," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 117(3), pages 593-630.
    • Handle: RePEc:vep:journl:y:2009:v:117:i:3:p:593-630
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Filippin, Antonio & Crosetto, Paolo, 2014. "A Reconsideration of Gender Differences in Risk Attitudes," IZA Discussion Papers 8184, Institute of Labor Economics (IZA).
    2. repec:cup:judgdm:v:14:y:2019:i:5:p:591-604 is not listed on IDEAS
    3. L. Corazzini & A. Filippin & P. Vanin, 2014. "Economic Behavior under Alcohol Influence: An Experiment on Time, Risk, and Social Preferences," Working Papers wp944, Dipartimento Scienze Economiche, Universita' di Bologna.
    4. Paolo Crosetto & Antonio Filippin & Janna Heider, 2015. "A Study of Outcome Reporting Bias Using Gender Differences in Risk Attitudes," CESifo Economic Studies, CESifo Group, vol. 61(1), pages 239-262.
    5. Martina Menon & Federico Perali, 2015. "A Field Study on University Enrolment: The Intentions of Prospective Students," CHILD Working Papers Series 33, Centre for Household, Income, Labour and Demographic Economics (CHILD) - CCA.
    6. Luca Corazzini & Antonio Filippin & Paolo Vanin, 2015. "Economic Behavior under the Influence of Alcohol: An Experiment on Time Preferences, Risk-Taking, and Altruism," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-25, April.
    7. Antonio Filippin & Paolo Crosetto, 2016. "A Reconsideration of Gender Differences in Risk Attitudes," Management Science, INFORMS, vol. 62(11), pages 3138-3160, November.
    8. Muhammad Sajid & Matthew C. Li, 2019. "The role of cognitive reflection in decision making: Evidence from Pakistani managers," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(5), pages 591-604, September.
    9. Joshua Tasoff & Wenjie Zhang, 2022. "The Performance of Time-Preference and Risk-Preference Measures in Surveys," Management Science, INFORMS, vol. 68(2), pages 1149-1173, February.

    More about this item

    Keywords

    Cognitive abilities; Non-cognitive traits; Risk and time preferences; School performance; Reservation wages; Equality of opportunity; Circumstances; Responsibility; Effort;
    All these keywords.

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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