Journal
REVIEW OF BEHAVIORAL ECONOMICS
Volume 3, Issue 2, Pages 145-171Publisher
NOW PUBLISHERS INC
DOI: 10.1561/105.00000046
Keywords
Risk-elicitation; Laboratory experiments in the field; Comprehension; Rural Senegal
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Funding
- German Federal Ministry for Economic Cooperation and Development
- IFPRI Mobile Experimental Economics Laboratory (IMEEL)
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In the past decade, it has become common to use simple laboratory games and decision tasks as a device for measuring risk preferences in the developing world. In this paper, we build on existing taxonomies for risk-elicitation and discuss pros and cons of using such methods in developing-country contexts. We use three distinct risk-elicitation mechanisms (the Holt-Laury task, the Gneezy-Potters mechanism, and a non-incentivized willingness-to-risk scale) and subjects from rural Senegal. Our study provides some guidance to researchers wishing to use risk-elicitation mechanisms in the rural developing world.
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