Measuring risk aversion to guide transportation policy: Contexts, incentives, and respondents
•We use Experimental Economics methods to elicit risk attitudes.•We compare impact of context on risk attitudes: lottery vs. driving simulators.•We compare impact of respondents on risk attitudes: students vs. field participants.•Across contexts and respondents the risk taking behavior converge with...
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| Published in: | Transportation research. Part A, Policy and practice Vol. 80; pp. 15 - 34 |
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| Format: | Journal Article |
| Language: | English |
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01-10-2015
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| Abstract | •We use Experimental Economics methods to elicit risk attitudes.•We compare impact of context on risk attitudes: lottery vs. driving simulators.•We compare impact of respondents on risk attitudes: students vs. field participants.•Across contexts and respondents the risk taking behavior converge with experience.•Experimental Economics, Stated and Revealed Preferences methods are complementary.
Road pricing may provide a solution to increasing traffic congestion in metropolitan areas. Route, departure time and travel mode choices depend on risk attitudes as commuters perceive the options as having uncertain effects on travel times. We propose that Experimental Economics methods can deliver data that uses real consequences and where the context can be varied by the researcher. The approach relies on the controlled manipulation of contexts, similar to what is done in the Stated Choice approach, but builds in actual consequences, similar to the Revealed Preference approach. This paper investigates some of the trade-offs between the cost of conducting Experimental Economics studies and the behavioral responses elicited. In particular, we compare responses to traditional lottery choice tasks to the route choice tasks in simulated driving environments. We also compare students (a low cost convenient participant pool) to field participants recruited from the driving population. While we see initial differences across our treatment groups, we find that their risk taking behavior converge with minimal repetition. |
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| AbstractList | Road pricing may provide a solution to increasing traffic congestion in metropolitan areas. Route, departure time and travel mode choices depend on risk attitudes as commuters perceive the options as having uncertain effects on travel times. We propose that Experimental Economics methods can deliver data that uses real consequences and where the context can be varied by the researcher. The approach relies on the controlled manipulation of contexts, similar to what is done in the Stated Choice approach, but builds in actual consequences, similar to the Revealed Preference approach. This paper investigates some of the trade-offs between the cost of conducting Experimental Economics studies and the behavioral responses elicited. In particular, we compare responses to traditional lottery choice tasks to the route choice tasks in simulated driving environments. We also compare students (a low cost convenient participant pool) to field participants recruited from the driving population. While we see initial differences across our treatment groups, we find that their risk taking behavior converge with minimal repetition. •We use Experimental Economics methods to elicit risk attitudes.•We compare impact of context on risk attitudes: lottery vs. driving simulators.•We compare impact of respondents on risk attitudes: students vs. field participants.•Across contexts and respondents the risk taking behavior converge with experience.•Experimental Economics, Stated and Revealed Preferences methods are complementary. Road pricing may provide a solution to increasing traffic congestion in metropolitan areas. Route, departure time and travel mode choices depend on risk attitudes as commuters perceive the options as having uncertain effects on travel times. We propose that Experimental Economics methods can deliver data that uses real consequences and where the context can be varied by the researcher. The approach relies on the controlled manipulation of contexts, similar to what is done in the Stated Choice approach, but builds in actual consequences, similar to the Revealed Preference approach. This paper investigates some of the trade-offs between the cost of conducting Experimental Economics studies and the behavioral responses elicited. In particular, we compare responses to traditional lottery choice tasks to the route choice tasks in simulated driving environments. We also compare students (a low cost convenient participant pool) to field participants recruited from the driving population. While we see initial differences across our treatment groups, we find that their risk taking behavior converge with minimal repetition. |
| Author | Rutström, Elisabet E. Dixit, Vinayak V. Martínez-Correa, Jimmy Harb, Rami C. |
| Author_xml | – sequence: 1 givenname: Vinayak V. surname: Dixit fullname: Dixit, Vinayak V. email: v.dixit@unsw.edu.au organization: Research Centre for Integrated Transport Innovation (rCITI), School of Civil and Environmental Engineering, University of New South Wales, Australia – sequence: 2 givenname: Rami C. surname: Harb fullname: Harb, Rami C. email: Rami.harb@atkinsglobal.com organization: Atkins, USA – sequence: 3 givenname: Jimmy surname: Martínez-Correa fullname: Martínez-Correa, Jimmy email: jima.eco@cbs.dk organization: Applied Microeconomics, Copenhagen Business School, Department of Economics, Denmark – sequence: 4 givenname: Elisabet E. surname: Rutström fullname: Rutström, Elisabet E. email: erutstrom@gsu.edu organization: Dean’s Behavioral Economics Laboratory, J. Mack Robinson College of Business, Department of Economics, Andrew Young School of Policy Studies, Georgia State University, USA, and Department of Economics, University of Cape Town, South Africa |
| BackLink | https://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-68844$$DView record from Swedish Publication Index |
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| CitedBy_id | crossref_primary_10_1016_j_aap_2019_02_005 crossref_primary_10_1016_j_jocm_2018_03_002 crossref_primary_10_1080_13669877_2018_1440412 crossref_primary_10_1007_s12351_017_0314_9 crossref_primary_10_1016_j_dsm_2020_12_001 crossref_primary_10_1016_j_tranpol_2019_08_001 crossref_primary_10_1016_j_trc_2021_103435 crossref_primary_10_1080_19427867_2019_1662562 crossref_primary_10_1016_j_trc_2024_104603 crossref_primary_10_1016_j_trc_2017_01_011 |
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| Keywords | Risk attitudes Congestion pricing Contextual tasks Experiments Driving simulations |
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| Snippet | •We use Experimental Economics methods to elicit risk attitudes.•We compare impact of context on risk attitudes: lottery vs. driving simulators.•We compare... Road pricing may provide a solution to increasing traffic congestion in metropolitan areas. Route, departure time and travel mode choices depend on risk... |
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| SubjectTerms | Congestion pricing Contextual tasks Driving simulations Economics Experiments Metropolitan areas Policies Pricing Risk Risk attitudes Route selection Tasks Transportation |
| Title | Measuring risk aversion to guide transportation policy: Contexts, incentives, and respondents |
| URI | https://dx.doi.org/10.1016/j.tra.2015.07.002 https://search.proquest.com/docview/1746878684 https://search.proquest.com/docview/1777992454 https://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-68844 |
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