Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 65797
Title Assessing the Construct Validity of Risk Attitude
Author(s) Pennings, J.M.E.; Smidts, A.
Source Management Science 46 (2000)10. - ISSN 0025-1909 - p. 1337 - 1348.
DOI http://dx.doi.org/10.1287/mnsc.46.10.1337.12275
Department(s) Marketing and Consumer Behaviour
MGS
Publication type Refereed Article in a scientific journal
Publication year 2000
Abstract Two major approaches to measuring risk attitude are compared. One, based on the expected utility model is derived from responses to lotteries and direct scaling. The other measure is a psychometric approach based on Likert statements that produces a unidimensional risk attitude scale. The data are from computer-assisted interviews of 346 Dutch owner-managers of hog farms, who made decisions about their own businesses. While the measures demonstrate some degree of convergent validity, those measures based on lotteries were better predictors of actual market behavior. In contrast the psychometric scale showed more agreement to self-reported measures of innovativeness, market orientation, and the intention to reduce risk. In light of the higher predictive validity of lottery-based measurements, we recommend elicitation methods based on the expected utility paradigm.
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