Within- versus between-country differences in risk attitudes: implications for cultural comparisons

Cultural comparisons enjoy increasing popularity in economics. Since cultural comparison must abandon random allocation to treatments, it is unclear whether differences found between countries can be attributed to country characteristics or are merely driven by differences in subject pools. In exper...

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Bibliographic Details
Published in:Theory and decision 2015-02, Vol.78 (2), p.209-218
Main Authors: Vieider, Ferdinand M., Chmura, Thorsten, Fisher, Tyler, Kusakawa, Takao, Martinsson, Peter, Mattison Thompson, Frauke, Sunday, Adewara
Format: Article
Language:English
Subjects:
18th century
Abandonment
Allocations
Analysis
Attitudes
Behavioral/Experimental Economics
China
CHOICE
Cities
College campuses
Colleges & universities
Crosscultural Differences
Cultural attitudes
Cultural comparison
Cultural differences
Culture
Decision making
Decision theory
Economic theory
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Business
Economics and Finance
Ekonomi och näringsliv
Ethiopia
Experimental economics
Experimental methods
Experiments
Finance
Game Theory
Insurance
Management
Mathematical Methods
Operations Research/Decision Theory
Pools
Popularity
PROSPECT-THEORY
Research methodology
Risk
Risk attitudes
Risk theory
Social and Behav. Sciences
Social Sciences
Statistics for Business
Studies
Treatment Methods
UNCERTAINTY
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Summary:Cultural comparisons enjoy increasing popularity in economics. Since cultural comparison must abandon random allocation to treatments, it is unclear whether differences found between countries can be attributed to country characteristics or are merely driven by differences in subject pools. In experiments in two Chinese cities and at two campuses in Ethiopia, we show that within-country differences are negligible. Differences between the two countries, on the other hand, are large.
ISSN:0040-5833
1573-7187
DOI:10.1007/s11238-014-9418-3