위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
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- Article] Assessing the construct validity of risk attitude
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DocNo of ILP: 6681
Doc. Type: Article
Title: Assessing the construct validity of risk attitude
Authors: Pennings, JME; Smidts, A
Full Name of Authors: Pennings, JME; Smidts, A
Keywords by Author: managerial decision making under risk; risk attitude; utility theory; psychometric scaling; nomological validity; price risk
Keywords Plus: MARKET ORIENTATION; CHOICE; INNOVATION; PREFERENCE; BEHAVIOR; STRENGTH
Abstract: Two major approaches to measuring risk attitude are compared. One, based on the expected I 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.
Cate of OECD: Economics and business
Year of Publication: 2000
Business Area: lottery
Detail Business: lottery
Country: USA
Study Area:
Name of Journal: MANAGEMENT SCIENCE
Language: English
Country of Authors: Wageningen Univ Agr, Dept Social Sci, Mtk & Consumer Behav Grp, NL-6Y06 KN Wageningen, Netherlands; Univ Illinois, Dept Agr & Consumer Econ, Urbana, IL 61801 USA; Erasmus Univ Rotterdam, Rotterdam Sch Management, Rotterdam, Netherlands
Press Adress: Pennings, JME (reprint author), Wageningen Univ Agr, Dept Social Sci, Mtk & Consumer Behav Grp, Hollandseweg 1, NL-6Y06 KN Wageningen, Netherlands.
Email Address:
Citaion:
Funding:
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Number of Citaion: 47
Publication: INST OPERATIONS RESEARCH MANAGEMENT SCIENCES
City of Publication: LINTHICUM HTS
Address of Publication: 901 ELKRIDGE LANDING RD, STE 400, LINTHICUM HTS, MD 21090-2909 USA
ISSN: 0025-1909
29-Character Source Abbreviation: MANAGE SCI
ISO Source Abbreviation: Manage. Sci.
Volume: 46
Version: 10
Start of File: 1337
End of File: 1348
DOI: 10.1287/mnsc.46.10.1337.12275
Number of Pages: 12
Web of Science Category: Management; Operations Research & Management Science
Subject Category: Business & Economics; Operations Research & Management Science
Document Delivery Number: 373ZR
Unique Article Identifier: WOS:000165320400005
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