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  Risk and punishment revisited. Errors in variables and in the lab

Engel, C., & Kirchkamp, O. (2016). Risk and punishment revisited. Errors in variables and in the lab.

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Item Permalink: http://hdl.handle.net/11858/00-001M-0000-002A-FF60-C Version Permalink: http://hdl.handle.net/11858/00-001M-0000-002C-F199-F
Genre: Paper

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 Creators:
Engel, Christoph1, Author              
Kirchkamp, Oliver, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: Risk, lab experiment, public good, errors in variables, Bayesian inference
 JEL: C91 - Laboratory, Individual Behavior
 JEL: D43 - Oligopoly and Other Forms of Market Imperfection
 JEL: L41 - Monopolization; Horizontal Anticompetitive Practices
 Abstract: We provide an example for an errors in variables problem which might be often neglected but which is quite common in lab experimental practice: In one task, attitude towards risk is measured, in another task participants behave in a way that can possibly be explained by their risk attitude. How should we deal with inconsistent behaviour in the risk task? Ignoring these observations entails two biases: An errors in variables bias and a selection bias. We argue that inconsistent observations should be exploited to address the errors in variables problem, which can easily be done within a Bayesian framework.

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 Dates: 2016
 Publication Status: Published online
 Pages: 21
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2016/11
 Degree: -

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