Lab and framed lab versus natural experiments: Evidence from a risky choice experiment |
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Authors: | Fabrizio Botti Anna Conte Daniela Di Cagno Carlo D’Ippoliti |
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Affiliation: | 1. “Sapienza” University of Rome, Italy;2. University of Westminster, Centre for Employment Research, London, United Kingdom;3. LUISS Guido Carli, Rome, Italy;1. Adiphea Alliance for Disease Prevention & Healthy Aging GmbH, Werbach, Germany;2. Department of Cardiology and Angiology, Justus- Liebig University Giessen, Geissen, Germany;1. Department of Psychology, University of Mannheim, Schloss, D-68131 Mannheim, Germany;2. Department of Psychology, University of North Carolina at Greensboro, United States;3. Deparment of Psychology, University of Düsseldorf, Düsseldorf, Germany;1. Department of Biological Science and Technology, China University of Science and Technology, Taipei 11581, Taiwan, ROC;2. Department of Applied Science, National Hsinchu University of Education, Hsinchu 30014, Taiwan, ROC;3. Department of Living Science, National Open University, New Taipei City 24701, Taiwan, ROC;4. Graduate Institute of Marine Biology, National Taiwan Ocean University, Keelung 20224, Taiwan, ROC;1. Paris School of Economics, Université Paris 1 Panthéon-Sorbonne, CES, France;2. IPAG Business School, France |
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Abstract: | Some recent papers have studied data from TV game shows to examine the behaviour of individuals towards risk. It is generally agreed that data from these shows are useful in detecting individual risk aversion in the field, with both “real life” subjects and incentives. Field experiments also include some interesting reality features that could affect individuals’ behaviour and possibly lead to different findings. This paper aims at investigating lab versus field evidence in risk taking attitudes, especially controlling for framing effects. To assess whether the behaviour of subjects in the field is consistent with that of experimental subjects, we designed an experiment to mimic (with experimental rewards and subjects) the rules of a well-known Italian TV game show, Affari Tuoi, in two different settings: a traditional lab setting, where the game was played individually (109 subjects) (Treatment 1); and a framed lab, in which the experiment was replicated in the Italian public television (RAI) studio where the show was actually recorded, with a smaller sample of undergraduate students (33) and in the presence of an audience (Treatment 2). Our comparison between the two different settings aims at establishing whether the presence of an audience, or of a situation that reproduces the stress that contestants must experience in the TV studio, can affect experimental subjects’ choices. We did not find any significant evidence of framing effects: students behave in a similar way in the two lab settings, responding essentially to incentives. Comparing the risk attitudes shown by experimental subjects in the two lab treatments with those exhibited by the contestants in the field, we found that contestants in the TV show are generally more risk averse than students in the lab. |
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