Experimental elicitation methods of risk and time preferences in a large representative sample. Cross, temporal and external validity
We conduct “artefactual” field experiments to incorporate experimental elicitation methods for risk and time preferences within the Innovation Panel (IP) of the UK Household Longitudinal Survey (UKHLS). We randomly allocate to the experimental modules a nationally representative sample of about 700 adults to the IP Wave 6 (IP6) who complete the incentive-compatible tasks and also provide a self-assessment of their attitudes by responding to standard survey questions. The same measures are repeated one year later. This design allows us to test the cross-validity (stability across alternative elicitation methods), temporal stability, and external validity (by considering their predictive power in terms of actual behaviours in the health and financial domains) of the measures.
Raffaele MiniaciGuest SpeakerUniversity of BresciaRaffaele Miniaci is professor of economics at University of Brescia. His research focuses on the empirical analysis of household portfolios and risk preferences, their consumption, labour supply and welfare, social interactions and corporate finance. His papers have been published in the American Economic Review, Review of Economics and Statistics, Journal of Applied Econometrics, Journal of Human Resources, Energy Policy and other peer-reviewed journals. He has acted as external consultant for OECD, World Bank, and the Italian Authority for Energy Markets on issues related to households welfare and ageing.