Theory and Decision

, Volume 84, Issue 3, pp 341–372 | Cite as

Lottery- and survey-based risk attitudes linked through a multichoice elicitation task

  • Giuseppe AttanasiEmail author
  • Nikolaos Georgantzís
  • Valentina Rotondi
  • Daria Vigani


We analyze the results from three different risk attitude elicitation methods. First, the broadly used test by Holt and Laury (2002), HL, second, the lottery-panel task by Sabater-Grande and Georgantzis (2002), SG, and third, responses to a survey question on self-assessment of general attitude towards risk (Dohmen et al. 2011). The first and the second task are implemented with real monetary incentives, while the third concerns all domains in life in general. Like in previous studies, the correlation of decisions across tasks is low and usually statistically non-significant. However, when we consider only subjects whose behavior across the panels of the SG task is compatible with constant relative risk aversion (CRRA), the correlation between HL and self-assessed risk attitude becomes significant. Furthermore, the correlation between HL and SG also increases for CRRA-compatible subjects, although it remains statistically non-significant.


Risk aversion Elicitation methods Lottery choices 

JEL Classification

D81 C91 


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Copyright information

© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.University of Lille 1, LEM (Lille Economics Management), Cité ScientifiqueVilleneuve d’Ascq CedexFrance
  2. 2.Burgundy School of Wine and Spirits BusinessDijonFrance
  3. 3.University of ReadingReadingUK
  4. 4.Politecnico di MilanoMilanItaly
  5. 5.Catholic University of the Sacred HeartMilanItaly

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