dc.contributor.author Holden, Stein Terje dc.coverage.spatial Malawi nb_NO dc.date.accessioned 2018-01-24T13:18:23Z dc.date.available 2018-01-24T13:18:23Z dc.date.issued 2014 dc.identifier.uri http://hdl.handle.net/11250/2479441 dc.description.abstract This paper studies the risk preferences of poor rural households in Malawi and compares the Holt and Laury (2002) (HL) multiple price list approach with hypothetical real-world framing and monetary incentive-compatible framing with the Tanaka, Camerer and Nguyen (2010) (TCN) monetary framing approach to elicit prospect theory parameters. The consistency of the results, the role of and potential bias attributable to measurement error, and correlations with socioeconomic characteristics are assessed. The study shows that measurement error can lead to upward bias in risk aversion estimates and over-weighting of low probabilities. The hypothetical real–world HL framing experiments are associated with higher sensitivity to background variation such as exposure to a recent drought shock and distance to markets/poor market access. nb_NO dc.language.iso eng nb_NO dc.publisher Norwegian University of Life Sciences, Ås nb_NO dc.relation.ispartofseries CLTS Working paper;2014:10 dc.rights Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal * dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no * dc.title Risky choices of poor people : comparing risk preference elicitation approaches in field experiments nb_NO dc.type Working paper nb_NO dc.subject.keyword Risk assessment dc.subject.keyword Losses dc.subject.keyword Field experimentation dc.subject.keyword Probability analysis dc.subject.keyword Measurement
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