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Part 1: Document Description
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Citation |
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Title: |
Higher Order Risk Attitudes, Demographics, and Financial Decisions [Dataset] |
Identification Number: |
doi:10.11588/data/10009 |
Distributor: |
heiDATA |
Date of Distribution: |
2014-06-24 |
Version: |
4 |
Bibliographic Citation: |
Noussair, Charles N.; Trautmann, Stefan T.; Kuilen, Gijs van de, 2014, "Higher Order Risk Attitudes, Demographics, and Financial Decisions [Dataset]", https://doi.org/10.11588/data/10009, heiDATA, V4, UNF:5:aqNKYHh13jVE5RIy7gdN5w== [fileUNF] |
Citation |
|
Title: |
Higher Order Risk Attitudes, Demographics, and Financial Decisions [Dataset] |
Identification Number: |
doi:10.11588/data/10009 |
Authoring Entity: |
Noussair, Charles N. |
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics) |
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Kuilen, Gijs van de (Alfred-Weber-Institute of Economics) |
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Producer: |
Noussair, Charles N. |
Trautmann, Stefan T. |
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Kuilen, Gijs van de |
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Date of Production: |
2010 |
Distributor: |
heiDATA |
Distributor: |
HeiDATA: Heidelberg Research Data Repository |
Access Authority: |
Trautmann, Stefan T. |
Date of Deposit: |
2014-06-16 |
Holdings Information: |
https://doi.org/10.11588/data/10009 |
Study Scope |
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Keywords: |
Social Sciences, Prudence, Temperance, Experiment |
Topic Classification: |
C91, C93, D14, D81, E21 |
Abstract: |
We study the prevalence of the higher order risk attitudes of prudence and temperance in an experiment with a large demographically representative sample of participants. Under expected utility, prudence and temperance are defined by a convex first, and concave second, derivative of the utility function, a nd have direct implications for saving behavior and portfolio choice. In the experiment, participants make pairwise choices that distinguish prudent from imprudent, and temperate from intemperate, behavior. We correlate individuals' risk aversion, prudence, and temperance levels to their demographic profiles and their financial decisions outside the experiment. We observe that the majority of individuals' decisions are consistent with risk aversion, prudence, and temperance. Prudence is positively correlated with saving, as predicted by precautionary saving theory. Temperance is negatively correlated with the riskiness of portfolio choices. |
Date of Collection: |
2009-2010 |
Country: |
Netherlands |
Geographic Coverage: |
Netherlands |
Universe: |
Students (lab); representative sample of Dutch population (LISS) |
Kind of Data: |
Survey data, as well as experimental choices among risky lotteries with real monetary |
Methodology and Processing |
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Time Method: |
cross section |
Data Collector: |
Noussair, Charles N.; Trautmann, Stefan T. |
Frequency of Data Collection: |
once lab, once LISS |
Sampling Procedure: |
student subject pool of CenterLab; LISS administred by CenterData |
Mode of Data Collection: |
lab: computerized; LISS: using LISS infrastructure (computer or TV at home) |
Type of Research Instrument: |
survey data, as well as experimental choices among risky lotteries with real monetary consequences (for subpart of the sample) |
Sources Statement |
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Data Sources: |
new data, plus background variables available on <a href="http://www.lissdata.nl/dataarchive/">LISS</a> |
Documentation and Access to Sources: |
LISS: see readme file for details on LISS data documentation. |
Data Access |
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Restrictions: |
LISS data (not included) only for non-comercial purposes. Users need to register with Centerdata as described in the readme file. |
Other Study Description Materials |
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Related Publications |
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Citation |
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Title: |
Noussair, CN, ST Trautmann, and G van de Kuilen. 2014. „Higher Order Risk Attitudes, Demographics, and Financial Decisions“. In REVIEW OF ECONOMIC STUDIES, 81:325–55. OXFORD: OXFORD UNIV PRESS. doi:10.1093/restud/rdt032. |
Bibliographic Citation: |
Noussair, CN, ST Trautmann, and G van de Kuilen. 2014. „Higher Order Risk Attitudes, Demographics, and Financial Decisions“. In REVIEW OF ECONOMIC STUDIES, 81:325–55. OXFORD: OXFORD UNIV PRESS. doi:10.1093/restud/rdt032. |
Other Reference Note(s) |
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Partially available at: http://restud.oxfordjournals.org/content/81/1/325/suppl/DC1 |
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File Description--f184 |
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File: finaldata.tab |
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Notes: |
UNF:5:UDa4dtMNzJ3x/yv8peU0nA== |
File Description--f185 |
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File: lotterydata.tab |
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Notes: |
UNF:5:xiWWYKBLIjGjAx4DVWvsag== |
File Description--f186 |
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File: prutem_lab.tab |
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Notes: |
UNF:5:yJ1oSCw/kojuxEjlbLDLTA== |
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Label: |
analyses.do |
Text: | |
Notes: |
text/x-stata-syntax; charset=US-ASCII |
Label: |
end_exp.ztq |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
end_exp_ztq_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
ExperimentalInstructions.pdf |
Text: |
Experimental Instructions |
Notes: |
application/pdf |
Label: |
LZA_format_description_stata113.tar.gz |
Text: |
This file is only for internal use |
Notes: |
application/x-gzip |
Label: |
LZA_only_LISS.zip |
Text: |
only for Long Term Preservation |
Notes: |
application/zip |
Label: |
merge_liss.do |
Text: | |
Notes: |
text/x-stata-syntax; charset=US-ASCII |
Label: |
MLestimation.do |
Text: | |
Notes: |
text/x-stata-syntax; charset=US-ASCII |
Label: |
pics.zip |
Text: | |
Notes: |
application/zip |
Label: |
prud1.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud1_lor.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud1_lor_order.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud1_lor_order_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud1_lor_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud1_order.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud1_order_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud1_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud2.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud2_lor.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud2_lor_order.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud2_lor_order_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud2_lor_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud2_order.ztt |
Text: |
Original z-Tree file |
Notes: |
application/octet-stream |
Label: |
prud2_order_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
prud2_ztt_export.txt |
Text: |
Text export of z-Tree file |
Notes: |
text/plain; charset=US-ASCII |
Label: |
readme.pdf |
Text: |
Read Me first |
Notes: |
application/pdf |