Risk Preference Experiment Overview
Participants in this experiment will evaluate hypothetical risky prospects and determine their preferences by filling out questionnaires. The process involves assessing various prospects and indicating preferred choices. The experiment aims to study individual risk preferences and decision-making behavior in uncertain situations.
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Presentation Transcript
Explanation of Experiment Welcome and thanks for your participation! You will be asked to state your (hypothetical) preferences between different risky prospects. So, these are what- would-you-do-if questions. An example of a (risky) prospect: 10 8 This prospect gives: 10 with probability ; 8 with probability . There are no right or wrong answers. Please, always choose what you yourself (subjectively) prefer most. That is also what we are interested in, and what we want to investigate.
2 Procedure You will be asked to fill in three questionnaires. For participation you all receive 10.
Participant name ... TO 0.0 Answer Sheet x1 = . ... First value x2= . ... Second value x3= . ... Third value x4= . ... Fourth value
TO 0.1 Determining first number x1 Left prospect Right prospect X 10 1 8 - For small values of X you prefer the right prospect. - For large values of X you prefer the left prospect. - For some value of X, which we call x1, your preference switches from left to right. - Fill this switching value in below, and then on page TO 0.0. x1 = ...
TO 0.2 Determining second number x2 First substitute your value x1 here. ... X 1 8 - You have substituted your value x1. - Determine your switching value of X again. - We call it x2 (obviously, x2 > x1). - Fill it in below and on page TO 0.0. x2 = ...
TO 0.3 Determining third number x3 First substitute your value x2 here. ... X 1 8 - You have substituted your value x2. - Determine your switching value of X again. - We call it x3 (obviously, x3 > x2). - Fill it in below and on page TO 0.0. x3 = ...
TO 0.4 Determining fourth number x4 First substitute your value x3 here. ... X 1 8 - You have substituted your value x3. - Determine your switching value of X again. - We call it x4 (obviously, x4 > x3). - Fill it in below and on page TO 0.0. x4 = ...
