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Item type:Publication, Access status: with files , Revalidating a survey instrument for measuring risk preferencesSurvey instruments are often a cost-effective alternative to eliciting preferences via incentivized experiments. We revalidate a survey instrument used for measuring risk preferences in the influential Global Preferences Survey. We find that the instrument consisting of a quantitative and a qualitative item predicts risk aversion in a Chinese, an American and a German sample. For out-of-sample predictions, the combination of both items is preferable compared to using only one of the two items.Publicationtype: Journal Article46 99 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Access status: with files , Costly information acquisition : the influence of stakeholder earningsInformation is often acquired within organizations that generate earnings for employees and stakeholders. In this paper we analyze the causal effects of inequality on information acquisition performance and vary the pay of agents relative to the earnings of passive stakeholders. Our experimental results reveal that disadvantageous inequality does not have a negative effect on agents’ performance.Publicationtype: Journal ArticleScopus© Citations 1 162 160 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Access status: with files , Exploring the consistency of higher-order risk preferencesThis study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk-loving behavior. We also find this pattern after a 10-fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if the lotteries are displayed in compound instead of reduced form. In a follow-up study, we explore potential explanations for this framing effect.Publicationtype: Journal ArticleScopus© Citations 10 89 103