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    Are risk preferences consistent across elicitation procedures? A field experiment in Congo basin countries

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    Journal Article (1.360Mb)
    Date
    2021
    Author
    Brunette, M.
    Ngouhouo-Poufoun, J.
    Type
    Journal Article
    Review Status
    Peer Review
    Target Audience
    Scientists
    Metadata
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    Abstract/Description
    We compare individual risk preferences elicited through a classic Ordered Lottery Selection (OLS) procedure with five gambles, and an extended procedure composed of nine gambles. The research question is about the consistency of the risk preferences across these two elicitation variants. We implemented a field experiment with 1002 rural households in the Congo Basin from December 2013 to July 2014. We show that 1/3 of the sample is extremely risk averse regardless of the procedure. We found inconsistencies in risk preferences elicited across procedures. Indeed, 45.71% are characterized by inconsistency of preferences, either weak (34.53%) or strong (11.18%); 42.81% of the sample exhibits consistent preferences and the remaining 11.48% of the sample - initially risk neutral in the classic procedure - is classified as risk loving in the extended procedure. Undereducation can be seen as the main driver of the strong inconsistency since the incremental change brought about by the attainment of secondary school on the likelihood to remain consistent is ten times greater than the other considered drivers.
    https://dx.doi.org/10.1057/s10713-021-00062-7
    Multi standard citation
    Permanent link to this item
    https://hdl.handle.net/20.500.12478/7197
    Digital Object Identifier (DOI)
    https://dx.doi.org/10.1057/s10713-021-00062-7
    IITA Subjects
    Agronomy; Livelihoods; Smallholder Farmers
    Agrovoc Terms
    Risk; Field Experiments; Livelihoods; Households; Rural Communities
    Regions
    Africa; Central Africa
    Countries
    Republic of the Congo
    Hubs
    Central Africa Hub
    Journals
    Geneva Risk and Insurance Review
    Collections
    • Journal and Journal Articles4835
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