TY  - UNPD
A1  - Hackethal, Andreas
A1  - Kirchler, Michael
A1  - Laudenbach, Christine
A1  - Razen, Michael
A1  - Weber, Annika
T1  - On the (ir)relevance of monetary incentives in risk preference elicitation experiments
T2  - SAFE working paper series ; No. 286
N2  - Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects' "true preferences". Using a systematic, large-sample approach with three subject pools of private investors, professional investors, and students, we test the effect of task-related monetary incentives on risk preferences elicited in four standard experimental tasks. We find no systematic differences in behavior between subjects in the incentivized and non-incentivized regimes. We discuss implications for academic research and for applications in the field.
T3  - SAFE working paper - 286 
KW  - Risk Preferences
KW  - Incentives
KW  - Experimental Economics
KW  - Risk Aversion
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55246
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-552464
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3678753
PB  - SAFE
CY  - Frankfurt am Main
ER  -