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Do actions speak louder than words? Comparing the effect of risk aversion on objective and self-reported mitigation measuresAuthor(s): Patricia A. Champ; James R. Meldrum; Hannah Brenkert-Smith; Travis W. Warziniack; Christopher M. Barth; Lilia C. Falk; Jamie B. Gomez
Source: Journal of Economic Behavior and Organization. 169: 301-313.
Publication Series: Scientific Journal (JRNL)
Station: Rocky Mountain Research Station
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Do Actions Speak Louder Than Words? How Risk Aversion Affects Objective and Self-Reported Wildfire Mitigation
DescriptionIn this article, we empirically examine whether the relationship between risk aversion and self-reported risk mitigating behavior is similar to the relationship between risk aversion and an objective measure of risk mitigating behavior. Despite higher levels of risk mitigation in the self-reported measure relative to the objective measure, we find risk aversion is similarly correlated with both measures of wildfire risk mitigation. These results provide some confidence in the use of self-reported behaviors in examinations of risk preferences and risky behaviors, even if the self-reports understate objective behavioral measures.
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CitationChamp, Patricia A.; Meldrum, James R.; Brenkert-Smith, Hannah; Warziniack, Travis W.; Barth, Christopher M.; Falk, Lilia C.; Gomez, Jamie B. 2019. Do actions speak louder than words? Comparing the effect of risk aversion on objective and self-reported mitigation measures. Journal of Economic Behavior and Organization. 169: 301-313.
Keywordsrisk preferences, risk aversion, risk mitigation, risky behavior, wildfire, self-reported behavior, objective behavior measure
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