The Performance of Time-Preference and Risk-Preference Measures in Surveys

2021 ◽  
Author(s):  
Joshua Tasoff ◽  
Wenjie Zhang
Keyword(s):  
Time Preference ◽  
Risk Preferences ◽  
Risk Preference ◽  
Time Preferences ◽  
Self Report ◽  
Data Set ◽  
Financial Decisions ◽  
Wide Range ◽  
Substantial Heterogeneity ◽  
Report Measure

Time preferences and risk preferences play an important role in a wide range of behavior, including financial decisions, entrepreneurship, and the proper incentivizing of agents. Numerous methods have been developed to measure these preferences hypothetically in surveys, but they have yielded inconsistent results. We analyze a panel data set in which subjects have collectively answered more than 400 surveys including 15 time-preference and 36 risk-preference elicitations. We evaluate the performance of these measures using the criteria of (1) ability to predict economically important behavior and (2) distinctness from other observables. We find substantial heterogeneity in the predictiveness of the measures. The best performing measure for time-preference is a titration method, in which a sequence of adaptive binary-choice questions narrows in on a subject’s indifference point, and for risk-preference it is a self-report measure of risk aversion. Using factor analysis, we find that time preferences are well explained by a single factor, but risk preferences load on multiple factors. However, the first factor loads almost entirely on self-reported risk-preference measures, and this factor explains much of the variation. The evidence can help inform researchers about which elicitation methods to include in their surveys. This paper was accepted by Yan Chen, decision analysis.

Development of a Self-Report Measure of Depression-Proneness

1983 ◽  
Vol 52 (1) ◽  
pp. 211-216 ◽  
Author(s):  
Robert Zemore
Keyword(s):  
Psychometric Properties ◽  
Discriminant Validity ◽  
Female Students ◽  
Self Report ◽  
Wide Range ◽  
Self Reports ◽  
Depression Proneness ◽  
Severity Of Depression ◽  
Alternative Approaches ◽  
Report Measure

Two retrospective self-report measures of depression-proneness were constructed and their psychometric properties investigated. A sample of 75 female students, selected to provide a wide range of depression-proneness scores, completed the two depression-proneness self-reports along with a measure of current severity of depression. A second session (retest) was conducted 4 mo. later. Subjects were then rated for degree of depression-proneness by two or more close friends and family members. Test-retest and coefficient alpha estimates of reliability were sufficiently high to recommend both depression-proneness measures as research instruments. Both self-report measures correlated significantly; rs = .38 and .41 with friends' and families' ratings of depression-proneness, which provides evidence for the validity of the depression-proneness measures. Little or no evidence was found for the discriminant validity of these measures. The advantages of retrospective self-reports over alternative approaches for identifying depression-prone individuals are discussed.

Comment on “Risk Preferences Are Not Time Preferences”: On the Elicitation of Time Preference under Conditions of Risk

2015 ◽  
Vol 105 (7) ◽  
pp. 2242-2260 ◽  
Author(s):  
Stephen L. Cheung
Keyword(s):  
Experimental Design ◽  
Utility Function ◽  
Time Preference ◽  
Time Budget ◽  
Risk Preferences ◽  
Utility Functions ◽  
Time Preferences ◽  
Price List

Andreoni and Sprenger (2012a, b) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of this result to the experimental design. I find that the effect disappears completely when a multiple price list instrument is used instead of a convex time budget design. Alternatively, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus at least partially driven by intertemporal diversification, supporting an explanation in terms of concavity of the intertemporal, and not only atemporal, utility function. (JEL C91, D81, D91)

scholarly journals Eliciting Risk Preferences Experimentally versus Using a General Risk Question. Does Financial Literacy Bridge the Gap?

Risks ◽  
2021 ◽  
Vol 9 (8) ◽  
pp. 140
Author(s):  
Calvin Mudzingiri ◽  
Ur Koumba
Keyword(s):  
Financial Literacy ◽  
Financial Risk ◽  
Risk Preferences ◽  
Random Effect ◽  
Risk Preference ◽  
Self Report ◽  
Panel Regression ◽  
Test Analysis ◽  
Seeking Behavior ◽  
The Stability

The study investigates the stability of financial risk preference choices elicited from subjects by way of two methods, namely: experimentally elicited incentivized revealed risk preferences (IRRP) and (self-reported) perceived willingness to take a financial risk (PWTFR). The research further examines whether financial literacy (a human capital aspect) helps in reducing the gap between IRRP and PWTFR choices made by subjects. A total of 193 university students (where 53% were female) participated in the study. The subjects completed IRRP choices from four multiple price list (MPL) risk preference tasks and a financial literacy questionnaire. There is a tendency to anchor at extremes of risk-seeking behavior when subjects self-report their PWTFR choices. A paired t-test analysis of the two methods shows that the average responses from the two methods are significantly different. A random effect (RE) panel regression shows that an increase in financial literacy narrows the gap between IRRP and PWTFR choices. The study’s findings show that responses by subjects from a PWTFR general risk question (GRQ) and IRRP experiment are unstable and inconsistent. What people say in a survey does not always translate into what they do when faced with a risk preference choice dilemma. Financial literacy helps individuals to predict their risk attitudes more precisely.

Comment on “Risk Preferences Are Not Time Preferences”: Separating Risk and Time Preference

2015 ◽  
Vol 105 (7) ◽  
pp. 2272-2286 ◽  
Author(s):  
Bin Miao ◽  
Songfa Zhong
Keyword(s):  
Time Preference ◽  
Choice Behavior ◽  
Risk Preferences ◽  
Risk Attitude ◽  
Utility Functions ◽  
Time Preferences ◽  
Experimental Setting ◽  
Experimental Findings ◽  
Intertemporal Decisions ◽  
Behavior Supports

Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several models, including Epstein and Zin (1989); Chew and Epstein (1990); and Halevy (2008) exhibit such a separation and can account for the overall experimental findings. (JEL C91, D81, D91)

scholarly journals Validation of a Brief Self-Report Measure of Adolescent Bullying Perpetration and Victimization

Assessment ◽  
2019 ◽  
Vol 28 (1) ◽  
pp. 128-140 ◽  
Author(s):  
Aja Louise Murray ◽  
Manuel Eisner ◽  
Denis Ribeaud ◽  
Daniela Kaiser ◽  
Karen McKenzie ◽  
...  
Keyword(s):  
Reliability And Validity ◽  
Self Report ◽  
Bullying Victimization ◽  
Gender Invariance ◽  
Wide Range ◽  
Convergent And Divergent Validity ◽  
Males And Females ◽  
Property Destruction ◽  
Adolescent Bullying ◽  
Report Measure

Although a wide range of measures of bullying have been developed, there remains a need for brief psychometrically supported measures for use in contexts in which there are constraints on the number of items that can be administered. We thus evaluated the reliability and validity of scores from a 10-item self-report measure of bullying victimization and perpetration in adolescents: the Zurich Brief Bullying Scales. The measure covers social exclusion, property destruction, verbal and physical aggression, and sexual bullying in both traditional and cyber forms. We evaluated factorial validity, internal consistency, developmental invariance, gender invariance, and convergent and divergent validity of the measure. Our sample was the normative longitudinal Zurich Project on Social Development from Childhood to Adulthood (z-proso) sample ( N = 1,304). The study involved the administration of Zurich Brief Bullying Scales to participants aged 11, 13, 15, and 17 years. Strengths and weaknesses of the measure and recommendations for utilizing and improving the measure were identified. Overall, results suggest that the items provide a reasonable general but brief measure of bullying victimization and perpetration that can be used across early to late adolescence and in both males and females.

scholarly journals Teoria do Prospecto: fatores determinantes nas preferências ao risco no Brasil

2018 ◽  
Vol 17 (2) ◽  
pp. 535-566
Author(s):  
Robert Eugene Lobel ◽  
Marcelo Cabus Klotzle ◽  
Paulo Vitor Jordão da Gama Silva ◽  
Antonio Carlos Figueiredo Pinto
Keyword(s):  
Prospect Theory ◽  
Behavioral Finance ◽  
Risk Preferences ◽  
Weight Functions ◽  
Financial Decisions ◽  
Choice Under Uncertainty ◽  
Wide Range ◽  
De Se ◽  
Functional Forms ◽  
Financial Decision

Resumo: A preferência ao risco é um fator importante que influencia uma ampla gama de decisões financeiras pessoais (SNELBECKER; ROSZKOWSKI; CUTLER, 1990) e é definida como a quantidade máxima de incerteza que alguém está disposto a aceitar ao tomar uma decisão financeira ou a disposição de se envolver em comportamentos cujos resultados são incertos com possibilidade de se ter um resultado negativo identificável (IRWIN, 1993). Nesse contexto, a Teoria do Prospecto surge como um modelo alternativo descritivo de escolha sob incerteza. Tendo em vista a importância crescente da influência de aspectos comportamentais no ambiente financeiro, neste estudo buscou-se analisar as preferências ao risco no Brasil seguindo os preceitos da Teoria do Prospecto. Para tal, por meio de questionários de loterias (utilizadas no estudo de RIEGER; WANG; HENS, 2011), foram estimados para uma amostra de estudantes e profissionais, os parâmetros das funções valor (com inclusão da função logarítmica modificada) e peso, supondo diversas formas funcionais, para então associar esses parâmetros a determinadas variáveis sociodemográficas. Não foram encontrados estudos precedentes com o objetivo de realizar essa análise no Brasil, sendo que com base na literatura revisada, pôde-se perceber similaridades e divergências. A análise por gênero, estado civil, faixa etária e renda mostra relativas similaridades com outros estudos em países desenvolvidos e em desenvolvimento. Entretanto, o nível educacional mostra resultados contrários ao esperado e a análise por profissão chega a resultados inconclusivos.Palavras-chave: Finanças comportamentais. Teoria do Prospecto. Função valor. Função peso. Brasil. Prospect Theory: determinant factors in risk preferences in Brazil Abstract: Risk preference is an important factor that influence a wide range of personal financial decisions (SNELBECKER; ROSZKOWSKI; CUTLER, 1990) and is defined as the maximum amount of uncertainty that someone is willing to accept when making a financial decision or the disposition of to be involved in behaviors whose results are uncertain with the possibility of having an identifiable negative result (IRWIN, 1993). In this context, the Prospect Theory emerges like a descriptive alternative model of choice under uncertainty. Given the increasing importance of the influence of behavioral aspects in the financial environment, this study sought to analyze the risk preferences in Brazil following the precepts of the Prospect Theory. To this end, with lottery questionnaires (used in the study by RIEGER; WANG; HENS, 2011), were estimated for a sample of students and professionals, parameters of value (with inclusion of the modified logarithmic function) and weight functions assuming various functional forms, and then associate these parameters to certain socio-demographic variables. No previous studies were found in order to perform this analysis in Brazil, and based on the literature reviewed, we could realize some similarities and differences. Analysis by gender, marital status, age and income shows similarities with other studies in developed and developing countries. However, the educational level shows results contrary to expected and the analysis by profession comes to inconclusive results.Keywords: Behavioral finance. Prospect Theory. Value function. Weight function. Brazil.

Prevalence of Self-Reported Depression Symptoms and Perceived Anxiety Among Community-Dwelling U.S. Adults Reporting Tinnitus

2020 ◽  
Vol 5 (4) ◽  
pp. 959-970
Author(s):  
Kelly M. Reavis ◽  
James A. Henry ◽  
Lynn M. Marshall ◽  
Kathleen F. Carlson
Keyword(s):  
Mental Health ◽  
Fold Increase ◽  
Community Dwelling ◽  
Self Report ◽  
Depression Symptoms ◽  
Community Based Interventions ◽  
Data Set ◽  
Health Distress ◽  
Validated Questionnaire ◽  
Mental Health Distress

Purpose The aim of this study was to examine the relationship between tinnitus and self-reported mental health distress, namely, depression symptoms and perceived anxiety, in adults who participated in the National Health and Nutrition Examinations Survey between 2009 and 2012. A secondary aim was to determine if a history of serving in the military modified the associations between tinnitus and mental health distress. Method This was a cross-sectional study design of a national data set that included 5,550 U.S. community-dwelling adults ages 20 years and older, 12.7% of whom were military Veterans. Bivariable and multivariable logistic regression was used to estimate the association between tinnitus and mental health distress. All measures were based on self-report. Tinnitus and perceived anxiety were each assessed using a single question. Depression symptoms were assessed using the Patient Health Questionnaire, a validated questionnaire. Multivariable regression models were adjusted for key demographic and health factors, including self-reported hearing ability. Results Prevalence of tinnitus was 15%. Compared to adults without tinnitus, adults with tinnitus had a 1.8-fold increase in depression symptoms and a 1.5-fold increase in perceived anxiety after adjusting for potential confounders. Military Veteran status did not modify these observed associations. Conclusions Findings revealed an association between tinnitus and both depression symptoms and perceived anxiety, independent of potential confounders, among both Veterans and non-Veterans. These results suggest, on a population level, that individuals with tinnitus have a greater burden of perceived mental health distress and may benefit from interdisciplinary health care, self-help, and community-based interventions. Supplemental Material https://doi.org/10.23641/asha.12568475

Dimensionality and Reliability Assessment of the Pain Patient Profile Questionnaire

2008 ◽  
Vol 24 (1) ◽  
pp. 22-26 ◽  
Author(s):  
Brian E. McGuire ◽  
Michael J. Hogan ◽  
Todd G. Morrison
Keyword(s):  
Self Report ◽  
Pain Patient ◽  
Fit Indices ◽  
Depression And Anxiety ◽  
Oblique Rotation ◽  
Pain Experience ◽  
Patient Profile ◽  
Adequate Representation ◽  
Pain Patients ◽  
Report Measure

Abstract. Objective: To factor analyze the Pain Patient Profile questionnaire (P3; Tollison & Langley, 1995 ), a self-report measure of emotional distress in respondents with chronic pain. Method: An unweighted least squares factor analysis with oblique rotation was conducted on the P3 scores of 160 pain patients to look for evidence of three distinct factors (i.e., Depression, Anxiety, and Somatization). Results: Fit indices suggested that three distinct factors, accounting for 32.1%, 7.0%, and 5.5% of the shared variance, provided an adequate representation of the data. However, inspection of item groupings revealed that this structure did not map onto the Depression, Anxiety, and Somatization division purportedly represented by the P3. Further, when the analysis was re-run, eliminating items that failed to meet salience criteria, a two-factor solution emerged, with Factor 1 representing a mixture of Depression and Anxiety items and Factor 2 denoting Somatization. Each of these factors correlated significantly with a subsample's assessment of pain intensity. Conclusion: Results were not congruent with the P3's suggested tripartite model of pain experience and indicate that modifications to the scale may be required.

Factor Structure and Measurement Invariance of the Obsessive-Compulsive Inventory – Child Version (OCI-CV) in General Population

2017 ◽  
Vol 33 (2) ◽  
pp. 97-103 ◽  
Author(s):  
Tíscar Rodríguez-Jiménez ◽  
Antonio Godoy ◽  
José A. Piqueras ◽  
Aurora Gavino ◽  
Agustín E. Martínez-González ◽  
...  
Keyword(s):  
General Population ◽  
Children And Adolescents ◽  
Factor Structure ◽  
Self Report ◽  
Obsessive Compulsive ◽  
Compulsive Disorder ◽  
Good Consistency ◽  
Order Factor ◽  
General Populations ◽  
Report Measure

Abstract. Evidence-based assessment is necessary as a first step for developing psychopathological studies and assessing the effectiveness of empirically validated treatments. There are several measures of obsessive-compulsive disorder (OCD) and/or symptomatology in children and adolescents, but all of them present some limitations. The Obsessive-Compulsive Inventory-Revised (OCI-R) by Foa and her colleagues has showed to be a good self-report measure to capture the dimensionality of OCD in adults and adolescents. The child version of the OCI (OCI-CV) was validated for clinical children and adolescents in 2010, showing excellent psychometric properties. The objective of this study was to examine the factor structure and invariance of the OCI-CV in the general population. Results showed a six-factor structure with one second-order factor, good consistency values, and invariance across region, age, and sex. The OCI-CV is an excellent inventory for assessing the dimensions of OCD symptomatology in general populations of children and adolescents. The invariance across sex and age warrants its utilization for research purposes.

Assessing Self-Efficacy in Presentation and Moderation Skills

2019 ◽  
Vol 35 (4) ◽  
pp. 564-576 ◽  
Author(s):  
Tobias Ringeisen ◽  
Sonja Rohrmann ◽  
Anika Bürgermeister ◽  
Ana N. Tibubos
Keyword(s):  
Construct Validity ◽  
Self Efficacy ◽  
Self Report ◽  
Factor Analyses ◽  
Confirmatory Factor Analyses ◽  
Confirmatory Factor ◽  
Constructed Self ◽  
University Course ◽  
Correlated Factors ◽  
Report Measure

Abstract. By means of two studies, a self-report measure to assess self-efficacy in presentation and moderation skills, the SEPM scales, was validated. In study 1, factorial and construct validity were examined. A sample of 744 university students (41% females; more than 50% between 20 and 25 years) completed newly constructed self-efficacy items. Confirmatory factor analyses (CFAs) substantiated two positively correlated factors, presentation (SEPM-P) and moderation self-efficacy (SEPM-M). Each factor consists of eight items. The correlation patterns between the two SEPM subscales and related constructs such as extraversion, the preference for cooperative learning, and conflict management indicated adequate construct validity. In study 2, criterion validity was determined by means of latent change modeling. One hundred sixty students ( Mage = 24.40, SD = 4.04; 61% females) took part in a university course to foster key competences and completed the SEPM scales at the beginning and the end of the semester. Presentation and moderation self-efficacy increased significantly over time of which the latter was positively associated with the performance in a practical moderation exam. Across both studies, reliability of the scales was high, ranging from McDonald’s ω .80 to .88.

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