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Part 1: Document Description
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Citation |
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Title: |
Experiencing Risk: Higher-Order Risk Attitudes in Description- and Experience-Based Decisions [Dataset] |
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Identification Number: |
doi:10.11588/data/CMCIXT |
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Distributor: |
heiDATA |
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Date of Distribution: |
2021-07-30 |
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Version: |
1 |
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Bibliographic Citation: |
Becker, Christoph K.; Ert, Eyal; Trautmann, Stefan T.; van de Kuilen, Gijs, 2021, "Experiencing Risk: Higher-Order Risk Attitudes in Description- and Experience-Based Decisions [Dataset]", https://doi.org/10.11588/data/CMCIXT, heiDATA, V1 |
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Citation |
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Title: |
Experiencing Risk: Higher-Order Risk Attitudes in Description- and Experience-Based Decisions [Dataset] |
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Identification Number: |
doi:10.11588/data/CMCIXT |
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Authoring Entity: |
Becker, Christoph K. (Alfred-Weber-Institute of Economics, Heidelberg University) |
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Ert, Eyal (Hebrew University) |
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Trautmann, Stefan T. (Alfred-Weber-Institute of Economics, Heidelberg University) |
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van de Kuilen, Gijs (Tilburg University) |
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Distributor: |
heiDATA |
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Distributor: |
heiDATA: Heidelberg Research Data Repository |
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Access Authority: |
Trautmann, Stefan T. |
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Date of Deposit: |
2021-07-26 |
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Holdings Information: |
https://doi.org/10.11588/data/CMCIXT |
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Study Scope |
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Keywords: |
Social Sciences, higher-order risk attitude, prudence, temperance, description-experience gap, sampling |
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Abstract: |
Risky decisions are often characterized by (a) imprecision about consequences and their likelihoods that can be reduced by information collection, and by (b) unavoidable background risk. This article addresses both aspects by eliciting risk attitude, prudence, and temperance in decisions from description and decisions from experience. The results reveal a novel description-experience gap for prudence and replicate the known gap for risky decisions. While widespread prudence has been observed in decisions form description, we find no evidence of prudent decision making from experience. In decisions from experience people are strongly influenced by the sampled mean, while skewness plays a smaller role than in decisions from description. |
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Methodology and Processing |
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Sources Statement |
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Data Sources: |
<p>Choice Prediction Competition for Decisions under Risk and Ambiguity (CPC 2015)<br/> Paper: Erev, I., Ert, E., Plonsky O., Cohen, D., & Cohen, O. (2017). From anomalies to forecasts: Toward a descriptive model of decisions under risk, under ambiguity, and from experience. Psychological Review. 124: 369-409.<br /> Data: https://economics.agri.huji.ac.il/crc2015/raw-data<br /> Problem sets: https://economics.agri.huji.ac.il/crc2015/aggregated-results</p> |
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<p>Paper: Wulff, D. U., Mergenthaler-Canseco, M., & Hertwig, R. (2018). A meta-analytic review of two modes of learning and the description-experience gap. Psychological Bulletin, 144(2), 140-176.<br /> Data: https://www.dirkwulff.org/</p> |
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Data Access |
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Other Study Description Materials |
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Related Studies |
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http://dx.doi.org/10.1037/xlm0000975.supp |
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Related Publications |
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Citation |
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Title: |
Becker, C. K., Ert, E., Trautmann, S. T., & van de Kuilen, G. (2021). Experiencing risk: Higher-order risk attitudes in description- and experience-based decisions. Journal of Experimental Psychology: Learning, Memory, and Cognition, 47(5), 727–746. |
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Identification Number: |
10.1037/xlm0000975 |
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Bibliographic Citation: |
Becker, C. K., Ert, E., Trautmann, S. T., & van de Kuilen, G. (2021). Experiencing risk: Higher-order risk attitudes in description- and experience-based decisions. Journal of Experimental Psychology: Learning, Memory, and Cognition, 47(5), 727–746. |
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Label: |
BETvdK_replication_package.zip |
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Notes: |
application/zip |
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Label: |
BETvdK_zTree_package.zip |
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Text: |
zTree files |
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Notes: |
application/zip |