LISS panel > Ambiguity Aversion and Household Portfolio Choice
Publisher
CentERdata
Creator
Dimmock, S., Kouwenberg, R., Wakker, P.
Created
Oct 08 2010
Description
In January 2010, the LISS panel completed a questionnaire about the choices one makes when confronted with a known and unknown probability distribution. The questionnaire was presented to 2,491 panel members, and it was fully completed by 1,933 respondents (response percentage 77.6%). The respondents were presented with three games, preceded by an example question. Each game consisted of six rounds at most. The chance of winning with the known probability distribution varied from the second round on, depending on the respondent's choice in the previous round (‘known’ or ‘unknown’). A game ended as soon as the respondent indicated to have no preference, or if the chance of winning fell below a certain value (less than 2.5% difference with a so-called ‘floor’ or ‘ceiling’ value [1] ). After three games, two control questions were asked. These questions consisted of a single round each. The chance of winning with these questions depended on the chance of winning in the last round of game 1. Finally, two questions were posed about risk aversion. These questions also involved a game consisting of six rounds at most. Respondents either chose the option that guaranteed winning a certain sum, or the option that offered a 50% chance of a higher amount and a 50% chance of 0 euro. The amount for the guarantee option varied from the second round on, depending on the choice made in the previous round. A game ended as soon as the respondent indicated to have no preference, or if the amount with the guarantee option fell below a certain value (less than 100 euros difference with the so-called ‘floor’ or ‘ceiling’ value). Respondents were assigned one of two conditions beforehand. Respondents had 50% chance of being assigned condition 1, and 50% chance of condition 2. Within a household, panel members were assigned the same condition. Respondents under condition 1 knew that this involved a fictitious game and that no extra reward would be paid out. Respondents under condition 2 were informed that a real game would be played at the end, in which they could earn an extra reward of 15 euros. [1] Read more about these terms in the descriptions of the various questions in the codebook.
URL to resource
Panel
lissdata
Begin date
Jan 04 2010
| Name | English | Dutch |
|---|---|---|
| intro | Now we present a number of questions that require you to choose between two boxes, box B and box O. Both boxes contain 100 balls of various… | Nu volgt een aantal vragen waarbij u steeds kunt kiezen uit twee dozen, doos B en doos O. Beide dozen bevatten 100 ballen met verschillende… |
| introR | Now we present a number of questions that require you to choose between two boxes, box B and box O. Both boxes contain 100 balls of various… | Nu volgt een aantal vragen waarbij u kans maakt om 15 euro te winnen. U kunt steeds kiezen uit twee dozen: doos B en doos O. Beide dozen be… |
| bm007 | Example question: Choosing between two boxes with five different colors of balls In this game you can choose between box B or box O. Both b… | Voorbeeld vraag: Kiezen uit twee dozen met ballen van vijf verschillende kleuren In dit spel kunt u kiezen uit doos B en doos O. Beide doze… |
| bm010, bm013, bm016, bm019, bm022 | Example question: Choosing between two boxes with five different colors of balls We play the same game again, but with a different proporti… | Voorbeeld vraag: Kiezen uit twee dozen met ballen van vijf verschillende kleuren We herhalen hetzelfde spel, maar nu met andere percentages… |
| bm029 | Question 1: Choosing between two boxes with yellow and purple balls In this game you can choose between box B or box O. Both boxes contain … | Vraag 1: Kiezen uit twee dozen met gele en paarse ballen In dit spel kunt u kiezen uit doos B en doos O. Beide dozen bevatten 100 ballen, d… |
| bm032, bm035, bm038, bm041 | Question 1: Choosing between two boxes with yellow and purple balls We play the same game again, but with a different proportion of purple … | Vraag 1: Kiezen uit twee dozen met gele en paarse ballen We herhalen hetzelfde spel, maar nu met andere percentages paarse en gele ballen i… |
| bm048 | Question 2: Choosing between two boxes with 10 different colors In this game you can choose between box B or box O. Both boxes contain 100 … | Vraag 2: Kiezen uit twee dozen met ballen van tien verschillende kleuren In dit spel kunt u kiezen uit doos B en doos O. Beide dozen bevatt… |
| bm051, bm054, bm057, bm060, bm063 | Question 2: Choosing between two boxes with 10 different colors We play the same game again, but with a different proportion of colored bal… | Vraag 2: Kiezen uit twee dozen met ballen van tien verschillende kleuren We herhalen hetzelfde spel, maar nu met andere percentages gekleur… |
| bm070 | Question 3: Choosing between two boxes with 10 different colors In this game you can choose between box B or box O. Both boxes contain 100 … | Vraag 3: Kiezen uit twee dozen met ballen van tien verschillende kleuren In dit spel kunt u kiezen uit doos B en doos O. Beide dozen bevatt… |
| bm073, bm076, bm079, bm082, bm085 | Question 3: Choosing between two boxes with 10 different colors We play the same game again, but with a different proportion of colored bal… | Vraag 3: Kiezen uit twee dozen met ballen van tien verschillende kleuren We herhalen hetzelfde spel, maar nu met andere percentages gekleur… |
| bm092 | Question 4: Choosing between two boxes with yellow and purple balls In this game you can choose between box B and box O. Both boxes contain… | Vraag 4: Kiezen uit twee dozen met gele en paarse ballen In dit spel kunt u kiezen uit doos B en doos O. Beide dozen bevatten 100 ballen, d… |
| bm096 | Question 5: Choosing between two boxes with yellow and purple balls In this game you can choose between box B and box O. Both boxes contain… | Vraag 5: Kiezen uit twee dozen met gele en paarse ballen In dit spel kunt u kiezen uit doos B en doos O. Beide dozen bevatten 100 ballen, d… |
| bm099 | In this game you can choose between box Z and box K. Both boxes contain 100 balls, which can be either blue or red. One ball will be drawn … | In dit spel kunt u kiezen uit doos Z en doos K. Beide dozen bevatten 100 ballen, die blauw of rood kunnen zijn. Een bal wordt getrokken uit… |
| bm102, bm105 | We play the same game, but with different prizes. Both boxes Z and K contain 100 balls, which can be either blue or red. One ball will be d… | We herhalen hetzelfde spel, alleen met andere prijzen. Beide dozen Z en K bevatten wederom 100 ballen, die blauw of rood kunnen zijn. Een b… |
| bm111 | In this game you can choose between box Z and box K. Both boxes contain 100 balls, which can be either blue or red. One ball will be drawn … | In het volgende spel kunt u weer kiezen uit doos Z en doos K. Beide dozen bevatten 100 ballen, die blauw of rood kunnen zijn. Een bal wordt… |
| bm114, bm117, bm120, bm123, bm126 | We play the same game, but with different prizes. Both boxes Z and K contain 100 balls, which can be either blue or red. One ball will be d… | We herhalen hetzelfde spel, alleen met andere prijzen. Beide dozen Z en K bevatten wederom 100 ballen, die blauw of rood kunnen zijn. Een b… |
| bm131 | Do you currently have a partner? | Hebt u op dit moment een partner? |
| bm132 | Who of the people in your household is most involved with the financial administration of your household? | Wie van de personen in uw huishouden is het meest betrokken bij de financiële administratie van uw huishouden? |
| bm133 | Did you own any investments in shares or share funds on 31 December 2009? [if (bm002=1 or bm002=2 or bm002=3) and (bm003=1 or bm131=1) and … | Was u op 31 december 2009 in het bezit van beleggingen in aandelen of aandelenfondsen? [if (bm002=1 or bm002=2 or bm002=3) and (bm003=1 or … |
| bm134 | What was the total value of your investments in shares or share funds on 31 December 2009? | Wat was de totale waarde van uw beleggingen in aandelen of aandelenfondsen op 31 december 2009? |
| introfl | The following questions are about knowledge of financial matters and about planning expenditures. When answering these questions, please do… | De volgende vragen gaan over kennis van geldzaken en planning van bestedingen. Zoekt u bij deze vragen niets op en gebruikt u geen rekenmac… |
| bm135 | Suppose you have 100 euros on a savings account and the interest is 20% per year, and you never withdraw money or the interest. What amount… | Veronderstel dat u 100 euro op een spaarrekening hebt en de rente is 20% per jaar en u neemt nooit geld of rente op. Hoeveel zou u dan na v… |
| bm136 | Which of the investments below generally speaking offers the greatest return over an extended period (say 10 or 20 years): a savings accoun… | Welke van onderstaande beleggingen geeft normaal gesproken over een lange periode (bijvoorbeeld 10 of 20 jaar) het hoogste rendement: een s… |
| bm137 | What happens to the risk of losing money if an investor spreads his money across different types of investment: it increases, it decreases,… | Wat gebeurt met het risico om geld te verliezen als een belegger zijn geld spreidt over verschillende soorten beleggingen: stijgt, daalt of… |
| exit | The computer has selected the following round to play for real: [round number] [if round number=3: ‘This is the game that offered a choice … | De computer heeft de volgende ronde geselecteerd om echt te spelen: [rondenummer] [if rondenummer=3: ‘Dit is het spel met de keuze uit twee… |
| bm138-bm142 | Note: Please complete the questionnaire fully until you are returned to the initial screen. Only then will the system register the question… | NB: Maakt u alstublieft de vragenlijst af totdat u weer bij het beginscherm komt. Pas dan registreert het systeem de vragenlijst als volled… |
| Variable | Dataset | English | Dutch |
|---|---|---|---|
| nomem_encr | bm10a | Number of household member encrypted | |
| bm10a_m | bm10a | Year and month of field work period | |
| bm10a001 | bm10a | Group | |
| bm10a002 | bm10a | Position within the household | |
| bm10a003 | bm10a | The household head lives together with a partner (wedded or unwedded) | |
| bm10a004 | bm10a | Takes care of the financial matters | |
| bm10a005 | bm10a | color of choice - example question | |
| bm10a006 | bm10a | risky probability gain - example question, first iteration | |
| bm10a007 | bm10a | choice selected - example question, first iteration | |
| bm10a008 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a009 | bm10a | risky probability gain - example question, second iteration | |
| bm10a010 | bm10a | choice selected - example question, second iteration | |
| bm10a011 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a012 | bm10a | risky probability gain - example question, third iteration | |
| bm10a013 | bm10a | choice selected - example question, third iteration | |
| bm10a014 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a015 | bm10a | risky probability gain - example question, fourth iteration | |
| bm10a016 | bm10a | choice selected - example question, fourth iteration | |
| bm10a017 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a018 | bm10a | risky probability gain - example question, fifth iteration | |
| bm10a019 | bm10a | choice selected - example question, fifth iteration | |
| bm10a020 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a021 | bm10a | risky probability gain - example question, sixth iteration | |
| bm10a022 | bm10a | choice selected - example question, sixth iteration | |
| bm10a023 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a024 | bm10a | risky probability gain - example question, final iteration | |
| bm10a025 | bm10a | choice selected - example question, final iteration | |
| bm10a026 | bm10a | total number of iterations - example question | |
| bm10a027 | bm10a | color of choice - question 1 | |
| bm10a028 | bm10a | risky probability gain - question 1, first iteration | |
| bm10a029 | bm10a | choice selected - question 1, first iteration | |
| bm10a030 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a031 | bm10a | risky probability gain - question 1, second iteration | |
| bm10a032 | bm10a | choice selected - question 1, second iteration | |
| bm10a033 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a034 | bm10a | risky probability gain - question 1, third iteration | |
| bm10a035 | bm10a | choice selected - question 1, third iteration | |
| bm10a036 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a037 | bm10a | risky probability gain - question 1, fourth iteration | |
| bm10a038 | bm10a | choice selected - question 1, fourth iteration | |
| bm10a039 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a040 | bm10a | risky probability gain - question 1, fifth iteration | |
| bm10a041 | bm10a | choice selected - question 1, fifth iteration | |
| bm10a042 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a043 | bm10a | risky probability gain - question 1, final iteration | |
| bm10a044 | bm10a | choice selected - question 1, first iteration | |
| bm10a045 | bm10a | total number of iterations - question 1 | |
| bm10a046 | bm10a | color of choice question 2 | |
| bm10a047 | bm10a | risky probability gain - question 2, first iteration | |
| bm10a048 | bm10a | choice selected - question 2, first iteration | |
| bm10a049 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a050 | bm10a | risky probability gain - question 2, second iteration | |
| bm10a051 | bm10a | choice selected - question 2, second iteration | |
| bm10a052 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a053 | bm10a | risky probability gain - question 2, third iteration | |
| bm10a054 | bm10a | choice selected - question 2, third iteration | |
| bm10a055 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a056 | bm10a | risky probability gain - question 2, fourth iteration | |
| bm10a057 | bm10a | choice selected - question 2, fourth iteration | |
| bm10a058 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a059 | bm10a | risky probability gain - question 2, fifth iteration | |
| bm10a060 | bm10a | choice selected - question 2, fifth iteration | |
| bm10a061 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a062 | bm10a | risky probability gain - question 2, sixth iteration | |
| bm10a063 | bm10a | choice selected - question 2, sixth iteration | |
| bm10a064 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a065 | bm10a | risky probability gain - question 2, final iteration | |
| bm10a066 | bm10a | choice selected - question 2, final iteration | |
| bm10a067 | bm10a | total number of iterations - question 2 | |
| bm10a068 | bm10a | color of choice question 3 | |
| bm10a069 | bm10a | risky probability gain - question 3, first iteration | |
| bm10a070 | bm10a | choice selected - question 3, first iteration | |
| bm10a071 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a072 | bm10a | risky probability gain - question 3, second iteration | |
| bm10a073 | bm10a | choice selected - question 3, second iteration | |
| bm10a074 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a075 | bm10a | risky probability gain - question 3, third iteration | |
| bm10a076 | bm10a | choice selected - question 3, third iteration | |
| bm10a077 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a078 | bm10a | risky probability gain - question 3, fourth iteration | |
| bm10a079 | bm10a | choice selected - question 3, fourth iteration | |
| bm10a080 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a081 | bm10a | risky probability gain - question 3, fifth iteration | |
| bm10a082 | bm10a | choice selected - question 3, fifth iteration | |
| bm10a083 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a084 | bm10a | risky probability gain - question 3, sixth iteration | |
| bm10a085 | bm10a | choice selected - question 3, sixth iteration | |
| bm10a086 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a087 | bm10a | risky probability gain - question 3, final iteration | |
| bm10a088 | bm10a | choice selected - question 3, final iteration | |
| bm10a089 | bm10a | total number of iterations - question 3 | |
| bm10a090 | bm10a | color of choice question 4 | |
| bm10a091 | bm10a | risky probability gain - question 4, first iteration | |
| bm10a092 | bm10a | choice selected - question 4, first iteration | |
| bm10a093 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a094 | bm10a | color of choice question 5 | |
| bm10a095 | bm10a | risky probability gain - question 5, first iteration | |
| bm10a096 | bm10a | choice selected - question 5, first iteration | |
| bm10a097 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a098 | bm10a | risky probability gain - question 6, first iteration | |
| bm10a099 | bm10a | choice selected - question 6, first iteration | |
| bm10a100 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a101 | bm10a | risky probability gain - question 6, second iteration | |
| bm10a102 | bm10a | choice selected - question 6, second iteration | |
| bm10a103 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a104 | bm10a | risky probability gain - question 6, third iteration | |
| bm10a105 | bm10a | choice selected - question 6, third iteration | |
| bm10a106 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a107 | bm10a | risky probability gain - question 6, final iteration | |
| bm10a108 | bm10a | choice selected - question 6, final iteration | |
| bm10a109 | bm10a | total number of iterations - question 6 | |
| bm10a110 | bm10a | risky probability gain - question 7, first iteration | |
| bm10a111 | bm10a | choice selected - question 7, first iteration | |
| bm10a112 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a113 | bm10a | risky probability gain - question 7, second iteration | |
| bm10a114 | bm10a | choice selected - question 7, second iteration | |
| bm10a115 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a116 | bm10a | risky probability gain - question 7, third iteration | |
| bm10a117 | bm10a | choice selected - question 7, third iteration | |
| bm10a118 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a119 | bm10a | risky probability gain - question 7, fourth iteration | |
| bm10a120 | bm10a | choice selected - question 7, fourth iteration | |
| bm10a121 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a122 | bm10a | risky probability gain - question 7, fifth iteration | |
| bm10a123 | bm10a | choice selected - question 7, fifth iteration | |
| bm10a124 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a125 | bm10a | risky probability gain - question 7, sixth iteration | |
| bm10a126 | bm10a | choice selected - question 7, sixth iteration | |
| bm10a127 | bm10a | number of seconds between click on button at previous item and click on button at this item | |
| bm10a128 | bm10a | risky probability gain - question 7, final iteration | |
| bm10a129 | bm10a | choice selected - question 7, final iteration | |
| bm10a130 | bm10a | total number of iterations - question 7 | |
| bm10a131 | bm10a | Do you currently have a partner? | |
| bm10a132 | bm10a | Which of the members of your household is most involved in the financial administration of your household? | |
| bm10a133 | bm10a | On 31 December 2009, did you possess investments in share funds or stocks? | |
| bm10a134 | bm10a | What was the total value of your investments in share funds or stocks on 31 December 2009? | |
| bm10a135 | bm10a | After 5 years, how much would you have in this account in total? | |
| bm10a136 | bm10a | Considering a long time period (for example 10 or 20 years) which asset normally gives you the highest return? | |
| bm10a137 | bm10a | When an investor spreads his money among different assets, does the risk increase, decrease or remain the same? | |
| bm10a138 | bm10a | Was it difficult to answer the questions? | |
| bm10a139 | bm10a | Were the questions sufficiently clear? | |
| bm10a140 | bm10a | Did the questionnaire get you thinking about things? | |
| bm10a141 | bm10a | Was it an interesting subject? | |
| bm10a142 | bm10a | Did you enjoy answering the questions? | |
| bm10a143 | bm10a | Starting date questionnaire | |
| bm10a144 | bm10a | Starting time questionnaire | |
| bm10a145 | bm10a | End date questionnaire | |
| bm10a146 | bm10a | End time questionnaire | |
| bm10a147 | bm10a | duration in seconds |