Persistent Identifier
|
doi:10.11588/data/CMCIXT |
Publication Date
|
2021-07-30 |
Title
| Experiencing Risk: Higher-Order Risk Attitudes in Description- and Experience-Based Decisions [Dataset] |
Author
| Becker, Christoph K. (Alfred-Weber-Institute of Economics, Heidelberg University) - ORCID: https://orcid.org/0000-0002-5060-3163
Ert, Eyal (Hebrew University) - ORCID: https://orcid.org/0000-0001-6507-3532
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics, Heidelberg University) - ORCID: https://orcid.org/0000-0002-0094-8841
van de Kuilen, Gijs (Tilburg University) |
Point of Contact
|
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Trautmann, Stefan T. (Alfred-Weber-Institute of Economics, Heidelberg University) |
Description
| 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. |
Subject
| Social Sciences |
Keyword
| higher-order risk attitude
prudence
temperance
description-experience gap
sampling |
Related Publication
| 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. doi: 10.1037/xlm0000975 https://doi.org/10.1037/xlm0000975 |
Distributor
| heiDATA: Heidelberg Research Data Repository (Heidelberg University) https://heidata.uni-heidelberg.de |
Deposit Date
| 2021-07-26 |
Related Dataset
| http://dx.doi.org/10.1037/xlm0000975.supp |
Data Source
| Choice Prediction Competition for Decisions under Risk and Ambiguity (CPC 2015) 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. Data: https://economics.agri.huji.ac.il/crc2015/raw-data Problem sets: https://economics.agri.huji.ac.il/crc2015/aggregated-results ; 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. Data: https://www.dirkwulff.org/ |