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SNSF Ambizione project started
Posted on Tue, Jan 16 2018
Two new papers on risk preference
Posted on Wed, Oct 04 2017
The results indicate that the propensity and frequency measures converge relatively well, thus forming a "positive manifold", whereas the (incentivized) behavioral measures show poor consistency (with the measures of the other measurement traditions, but also between each other). Moreover, our findings suggest that there is a broad general factor of risk preference, R, that accounts for 61% of the explained variance. This general factor is complemented by a series of domain-specific factors. Finally, the general factor proved to be highly reliable across a period of six months. To learn more about these results, please have a look at:
Frey, R., Pedroni, A., Mata, R., Rieskamp, J., & Hertwig, R. (2017). Risk preference shares the psychometric structure of major psychological traits. Science Advances, 3, e1701381. doi:10.1126/sciadv.1701381 | PDFA second paper focuses exclusively on the behavioral measures (using the same dataset) and reports an extensive cognitive modeling analysis. The goal of this analysis was to investigate potential reasons for the lack of consistency across the various behavioral elicitation methods. People were found to differ substantially in the strategies they used in the various tasks, yet they did not do so in a very systematic way. Even at the level of model parameters, the consistency across behavioral tasks was poor, thus further calling into question the validity of behavioral measures as indicators of a person's risk preference. The detailed analyses on the behavioral tasks are published in:
Pedroni, A., Frey, R., Bruhin, A., Dutilh, G., Hertwig, R., & Rieskamp, J. (2017). The risk elicitation puzzle. Nature Human Behaviour, 1, 803-809. doi:10.1038/s41562-017-0219-xAll in all, our results suggest that risk preference has a similar psychometric structure as other major traits. In particular the observation of the general and stable factor may have important implications for future investigations of the biological foundations of risk preference. Moreover, as the lack of consistency across behavioral tasks showed, more attention needs to be given to the assessment of risk preference. For more information, please also have a look at my research section!
Bernoulli symposium on risk
Posted on Thu, Feb 09 2017