Estimating Risk Attitudes in Denmark: A Field Experiment

28 Pages Posted: 31 Aug 2007

See all articles by Glenn W. Harrison

Glenn W. Harrison

Georgia State University - J. Mack Robinson College of Business

Morten I. Lau

Durham Business School

E. Elisabet Rutström

University of Central Florida - College of Business Administration

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Abstract

We estimate individual risk attitudes using controlled experiments in the field in Denmark. The experiments were carried out across Denmark using a representative sample of 253 people between 19 and 75 years of age. Risk attitudes are estimated for various individuals differentiated by socio-demographic characteristics. Our results indicate that the average Dane is risk averse, and that risk neutrality is an inappropriate assumption to apply. We also find that risk attitudes vary significantly with respect to several important socio-demographic variables such as age and education. However, we do not find any effect of sex on risk attitudes.

Suggested Citation

Harrison, Glenn William and Lau, Morten Igel and Rutstrom, Elisabet, Estimating Risk Attitudes in Denmark: A Field Experiment. Scandinavian Journal of Economics, Vol. 109, No. 2, pp. 341-368, June 2007, Available at SSRN: https://ssrn.com/abstract=1010803 or http://dx.doi.org/10.1111/j.1467-9442.2007.00496.x

Glenn William Harrison (Contact Author)

Georgia State University - J. Mack Robinson College of Business ( email )

P.O. Box 4050
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Morten Igel Lau

Durham Business School ( email )

Mill Hill Lane
Durham, DH1 3LB
United Kingdom

Elisabet Rutstrom

University of Central Florida - College of Business Administration ( email )

PO Box 161400
Orlando, FL 32816
United States

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