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\hypersetup{pdftitle={Experimentally Validated General Risk Attitude among Different Ethnic Groups: The Case of Dak Lak, Vietnam },pdfauthor={Huong Dien Pham, Sabine Liebenehm, Hermann Waibel},pdfsubject={Tropentag 2016: Abstract},pdfkeywords={Ethnicity, field experiment, risk attitudes, socio-economic survey },pdfpagemode=None,colorlinks=true}
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\parbox[b]{13.4cm}{\centering \large{\textbf{Tropentag, September 18-21, 2016, Vienna, Austria}}\\[1ex] \Large{``Solidarity in a competing world ---\\fair use of resources''\\[2ex]}}
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\Large{\textbf{Experimentally Validated General Risk Attitude among Different Ethnic Groups: The Case of Dak Lak, Vietnam \footnote{\textbf{Contact Address:} Hermann Waibel, Leibniz Universität Hannover, Institute of Development and Agricultural Economics, Königsworther Platz 1, 30167~Hannover, Germany, \mbox{e-mail}: \email{waibel@ifgb.uni-hannover.de}}\\[0.8ex]}}
\normalsize{\textsc{Huong Dien Pham, Sabine Liebenehm, Hermann Waibel}}
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\begin{itemize*}
\item[]{\small{\textit{Leibniz Universität Hannover, Inst. of Development and Agricultural Economics, Germany}}}
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\index[author]{Pham, Huong Dien}
\index[author]{Liebenehm, Sabine}
\index[author]{Waibel, Hermann}
\begin{center}
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\textbf{Abstract}
\begin{abstract}
\normalsize{
Knowledge of the degree of risk aversion of households or individuals is necessary as risk is an important factor in models that try to explain decision making in business and in life in general. However elicitation of individual risk preferences is time consuming and expensive when carried out through economic field experiments which is the standard. An alternative is to incorporate simple risk items in survey questionnaires. Obtaining information about risk preferences of a large number of individual has tremendous value as it allows econometric models that can represent a relevant segment of target populations. The problem however is that simple survey risk questions may not necessarily yield a true measure of decision makers' attitudes toward risk. This is particularly the case for marginalised groups such as ethnic minority people whose economic behaviours may be more strongly driven by tradition than economic incentives. Therefore, in this study, we compare a survey question with an incentivized risk experiment in measuring risk attitudes on identical individuals. We employ a dataset that includes both a comprehensive survey and a risk experiment after the interviews were concluded. The study was conducted in 2010 with about 700 rural households in Dak Lak province of Vietnam. In this province, socioeconomic and cultural diversity is evidenced by a large share of ethnic minority groups. About \mbox{30\,\%} of our respondents are ethnic minorities. For risk items we use a survey question to ask individuals for their subjective risk attitudes based on an 11-point-Likert scale and a lottery"=type risk experiment with real monetary payouts. 



Results show a strong and robust association between the survey"=based and the experimental items. Moreover, both measures are similar regarding the significant correlations with several individual and household characteristics variables. We also find that the significant association between survey item and experiment holds when tested for respondents belonging to multi"=ethnic communities. Our study supports the notion that survey"=based risk measures are valid substitutes of risk experiments. 



}

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\noindent \textbf{Keywords:} Ethnicity, field experiment, risk attitudes, socio"=economic survey 
\index[key]{Ethnicity}
\index[key]{Field experiment}
\index[key]{Risk!attitudes}
\index[key]{Socio"=economic survey }
\end{document}
