Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment

Harrison, G.W.; Lau, M.I; Yoo, H.I

doi:10.1162/rest_a_00845

Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment

Harrison, G.W.; Lau, M.I; Yoo, H.I

Authors

G.W. Harrison

Professor Morten Lau m.i.lau@durham.ac.uk
Professor

H.I Yoo

Abstract

We evaluate the temporal stability of risk preferences using a remarkable data set that combines socio-demographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric model accounts for endogenous sample selection and attrition processes that may confound inferences about temporal stability. Our experimental design builds in randomization on the incentives for participation that facilitates empirical identification of the model. In general, we find evidence consistent with temporal stability after correcting for the effects of selection and attrition. When neglected, these effects change our inferences in an economically and statistically significant manner.

Citation

Harrison, G., Lau, M., & Yoo, H. (2020). Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment. The Review of Economics and Statistics, 102(3), 552-568. https://doi.org/10.1162/rest_a_00845

Journal Article Type	Article
Acceptance Date	Apr 10, 2019
Online Publication Date	Jun 26, 2019
Publication Date	2020-07
Deposit Date	May 1, 2019
Publicly Available Date	May 1, 2019
Journal	Review of Economics and Statistics
Print ISSN	0034-6535
Electronic ISSN	1530-9142
Publisher	Massachusetts Institute of Technology Press
Peer Reviewed	Peer Reviewed
Volume	102
Issue	3
Pages	552-568
DOI	https://doi.org/10.1162/rest_a_00845
Public URL	https://durham-repository.worktribe.com/output/1302789

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This article has been accepted for publication in Review of economics and statistics and the deposited file is the author’s final version.