Measurement of Higher Order Risk Preferences

Short Description: SOEP and SOEP-IS have measured risk aversion. However, these measures are not sufficient to understand behavior according to economic theory such as if people make intertemporal life decisions. Therefore, this module includes a new tailor-made set of lottery choices, to test for higher order risk attitudes, which are not currently measured in any major household survey.

Methodological Details: The participants were asked 9 different lottery items, for instance “What would you prefer: A draw with a 50-percent chance of receiving 300 Euro and the same 50-percent chance of receiving nothing, OR the amount of 150 Euro as a sure payment?”

Contact	Syear	Respondents	Dataset	Variables	Availability	Field	Method	Replication
Sebastian Schneider (Max Planck Institute for Research on Collective Goods), Stefan Trautmann (University of Heidelberg)	2020	3103	inno	irip06_2, irip03_1, irip08_1, irip09_2, irip07_1, irip04_1, irip08_2, irip02_1, im_irip, irip09_1, irip06_1, irip04_2, irip03_2, irip05_2, irip05_1, irip02_2, irip01	4/2023	Economics	Survey items	2023