Higher Order Risk Attitudes, Demographics, and Financial Decisions [Dataset] (doi:10.11588/data/10009)

View:

Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
Entire Codebook

(external link)

Document Description

Citation

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]

Study Description

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)

Kuilen, Gijs van de (Alfred-Weber-Institute of Economics)

Producer:

Noussair, Charles N.

Trautmann, Stefan T.

Kuilen, Gijs van de

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

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

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

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

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

Related Publications

Citation

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)

Partially available at: http://restud.oxfordjournals.org/content/81/1/325/suppl/DC1

File Description--f184

File: finaldata.tab

  • Number of cases: 14015

  • No. of variables per record: 66

  • Type of File: text/tab-separated-values

Notes:

UNF:5:UDa4dtMNzJ3x/yv8peU0nA==

File Description--f185

File: lotterydata.tab

  • Number of cases: 34

  • No. of variables per record: 20

  • Type of File: text/tab-separated-values

Notes:

UNF:5:xiWWYKBLIjGjAx4DVWvsag==

File Description--f186

File: prutem_lab.tab

  • Number of cases: 109

  • No. of variables per record: 40

  • Type of File: text/tab-separated-values

Notes:

UNF:5:yJ1oSCw/kojuxEjlbLDLTA==

Variable Description

List of Variables:

Variables

question

f185 Location:

Variable Format: numeric

Notes: UNF:5:Vjnakc0B1qONL/JCC1tf6Q==

hypohigh

f185 Location:

Variable Format: numeric

Notes: UNF:5:VquWwM/29gfV1asK8ay8pw==

pb1l

f185 Location:

Variable Format: numeric

Notes: UNF:5:6JgGTwSgkXNFhJz13pTiaw==

pb2l

f185 Location:

Variable Format: numeric

Notes: UNF:5:gqX6moBGa3XDJgChuj+o1g==

pb3l

f185 Location:

Variable Format: numeric

Notes: UNF:5:R3GDoixlOWBeJBBtim5xNQ==

pb4l

f185 Location:

Variable Format: numeric

Notes: UNF:5:JXPwkt6AJVhKlw7C3kzorg==

pb5l

f185 Location:

Variable Format: numeric

Notes: UNF:5:JXPwkt6AJVhKlw7C3kzorg==

pb1r

f185 Location:

Variable Format: numeric

Notes: UNF:5:5VkZrJAAXiJQzorrbUJv4g==

pb2r

f185 Location:

Variable Format: numeric

Notes: UNF:5:DmVnmTPhRlz1SGh7eXMcow==

pb3r

f185 Location:

Variable Format: numeric

Notes: UNF:5:Im1XUjnx1hvLOhK6VoICLQ==

pb4r

f185 Location:

Variable Format: numeric

Notes: UNF:5:8wOA/kVd06Geo9he+5ngwA==

pz1l

f185 Location:

Variable Format: numeric

Notes: UNF:5:PsFVfkl6Z1fZ2/RpbgjovA==

pz2l

f185 Location:

Variable Format: numeric

Notes: UNF:5:we7yBCtXEWvRtihtm+aOmw==

pz3l

f185 Location:

Variable Format: numeric

Notes: UNF:5:NZPgEP35NdTsOAXepWKHCw==

pz4l

f185 Location:

Variable Format: numeric

Notes: UNF:5:39BM8YU/ix6+BvB4XgpiSg==

pz5l

f185 Location:

Variable Format: numeric

Notes: UNF:5:1iaEAwBvm7MBf41CvCWBjA==

pz1r

f185 Location:

Variable Format: numeric

Notes: UNF:5:8AQsIdaj4SIpU4yMZ4NSOg==

pz2r

f185 Location:

Variable Format: numeric

Notes: UNF:5:oM1Yez9ptZigvOqgmTkVCg==

pz3r

f185 Location:

Variable Format: numeric

Notes: UNF:5:vFN8H1aCUPR4yg35hYoNag==

pz4r

f185 Location:

Variable Format: numeric

Notes: UNF:5:eI+HOLt5dOgyySyF8ecPMg==

treatm1bas2lor3ord4lorord

f186 Location:

Variable Format: numeric

Notes: UNF:5:0mE7DJ9bMp3NF6/LlDkzlw==

nomem_encr

f186 Location:

Variable Format: numeric

Notes: UNF:5:07z5hf3qV5L8MmnfedqPvw==

labgroup

f186 Location:

Variable Format: numeric

Notes: UNF:5:lAqJGiODyzhCp0Fcz04Zzg==

lab

f186 Location:

Variable Format: numeric

Notes: UNF:5:26lijhmAprr9B8+dFZCc+w==

invited

f186 Location:

Variable Format: numeric

Notes: UNF:5:26lijhmAprr9B8+dFZCc+w==

participate

f186 Location:

Variable Format: numeric

Notes: UNF:5:26lijhmAprr9B8+dFZCc+w==

realnormall

f186 Location:

Variable Format: numeric

Notes: UNF:5:26lijhmAprr9B8+dFZCc+w==

right

f186 Location:

Variable Format: numeric

Notes: UNF:5:ijcXIUCcGcZ+TeHecwXIpA==

cb

f186 Location:

Variable Format: numeric

Notes: UNF:5:Q/AT7bNhKZgA1r3EqZupbQ==

vrandom

f186 Location:

Variable Format: numeric

Notes: UNF:5:rP2CZ7mTc3qALJvIs1ZQNQ==

volgorde

f186 Location:

Variable Format: numeric

Notes: UNF:5:rP2CZ7mTc3qALJvIs1ZQNQ==

lor_risk_pru_eurisk

f186 Location:

Variable Format: numeric

Notes: UNF:5:Ade+vG3n8Zz9X1/Nwkcjmg==

lor_temp_eupru

f186 Location:

Variable Format: numeric

Notes: UNF:5:Y4Jbr6yugpRPIM1JT2SUXA==

risky1

f186 Location:

Variable Format: numeric

Notes: UNF:5:ClwexeOWb1970JsX77tqng==

risky2

f186 Location:

Variable Format: numeric

Notes: UNF:5:7HLASZ4ZALFgfFALQy6UZg==

risky3

f186 Location:

Variable Format: numeric

Notes: UNF:5:zvIhZ3t/+ZFqvr5LloMUWg==

risky4

f186 Location:

Variable Format: numeric

Notes: UNF:5:Qdi/C1tQgSa7KvD7KRAAfg==

risky5

f186 Location:

Variable Format: numeric

Notes: UNF:5:SajXz0Rog1O4Z3K2SOWiTw==

prud1

f186 Location:

Variable Format: numeric

Notes: UNF:5:Obtn1VlZgP16Ihw+deYGow==

prud4

f186 Location:

Variable Format: numeric

Notes: UNF:5:4xuGKOqu40PJuj7IZolTxQ==

prud2

f186 Location:

Variable Format: numeric

Notes: UNF:5:B6QlYvKMB81hEsRG4NOZXw==

prud5

f186 Location:

Variable Format: numeric

Notes: UNF:5:c/NaWsx2o1SabT2BKTNEog==

prud3

f186 Location:

Variable Format: numeric

Notes: UNF:5:hTISltE9TqUnX5vtHnStIA==

temp1

f186 Location:

Variable Format: numeric

Notes: UNF:5:oyOBoC+M9Icit+AYFJXd5A==

temp4

f186 Location:

Variable Format: numeric

Notes: UNF:5:UFL9wIvNyl8lrSH0AM2dAQ==

temp2

f186 Location:

Variable Format: numeric

Notes: UNF:5:ussK34nNztxu8IGKsIGVqw==

temp5

f186 Location:

Variable Format: numeric

Notes: UNF:5:g1fVmHmENL3cMBP0H31fEw==

temp3

f186 Location:

Variable Format: numeric

Notes: UNF:5:6i3DmTUHicqinJwPecr9Hw==

raLAR1

f186 Location:

Variable Format: numeric

Notes: UNF:5:WQ9P4oSaVH+V1sEmYWCvHQ==

prudLAR2

f186 Location:

Variable Format: numeric

Notes: UNF:5:Ag+3+oRMqq0LZvaqfC33zQ==

female1

f186 Location:

Variable Format: numeric

Notes: UNF:5:7Gl7k6zBr0C863k+AhtrCg==

age

f186 Location:

Variable Format: numeric

Notes: UNF:5:VS8SQkQzEcjUe600j7dCug==

study

f186 Location:

Variable Format: numeric

Notes: UNF:5:niNsVJIDSmNTWY1opaXTVQ==

dutch1

f186 Location:

Variable Format: numeric

Notes: UNF:5:7ZsJYQwDNrltxrYmneS5xQ==

crt

f186 Location:

Variable Format: numeric

Notes: UNF:5:LYHSd0DWBrCncgNMSeNd+w==

extraversion

f186 Location:

Variable Format: numeric

Notes: UNF:5:cvREBOx2ij/U+4d6KBE9+w==

agreeableness

f186 Location:

Variable Format: numeric

Notes: UNF:5:UKGJOfNisesnq1AcvwnBZA==

conscientiousness

f186 Location:

Variable Format: numeric

Notes: UNF:5:obUkFqofUtDdxFVo1KvtfQ==

emostable

f186 Location:

Variable Format: numeric

Notes: UNF:5:LPgqiBfNZXh/AkBZ+XpoHg==

openness

f186 Location:

Variable Format: numeric

Notes: UNF:5:xa9u9BBPj59MSg7nCqQkJA==

Other Study-Related Materials

Label:

analyses.do

Text:

Notes:

text/x-stata-syntax; charset=US-ASCII

Other Study-Related Materials

Label:

end_exp.ztq

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

end_exp_ztq_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

ExperimentalInstructions.pdf

Text:

Experimental Instructions

Notes:

application/pdf

Other Study-Related Materials

Label:

LZA_format_description_stata113.tar.gz

Text:

This file is only for internal use

Notes:

application/x-gzip

Other Study-Related Materials

Label:

LZA_only_LISS.zip

Text:

only for Long Term Preservation

Notes:

application/zip

Other Study-Related Materials

Label:

merge_liss.do

Text:

Notes:

text/x-stata-syntax; charset=US-ASCII

Other Study-Related Materials

Label:

MLestimation.do

Text:

Notes:

text/x-stata-syntax; charset=US-ASCII

Other Study-Related Materials

Label:

pics.zip

Text:

Notes:

application/zip

Other Study-Related Materials

Label:

prud1.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud1_lor.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud1_lor_order.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud1_lor_order_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud1_lor_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud1_order.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud1_order_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud1_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud2.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud2_lor.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud2_lor_order.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud2_lor_order_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud2_lor_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud2_order.ztt

Text:

Original z-Tree file

Notes:

application/octet-stream

Other Study-Related Materials

Label:

prud2_order_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

prud2_ztt_export.txt

Text:

Text export of z-Tree file

Notes:

text/plain; charset=US-ASCII

Other Study-Related Materials

Label:

readme.pdf

Text:

Read Me first

Notes:

application/pdf