Meta-Analyses of the Temporal Stability and Convergent Validity of Risk Preference Measures

Résumé fourni par la source

Understanding whether risk preference represents a stable, coherent trait is central to efforts aimed at explaining, predicting, and preventing risk-related behaviours. We help characterise the nature of the construct by adopting an individual participant data meta-analytic approach to summarise the temporal stability of over 350 risk preference measures (33 panels, 57 samples, >575,000 respondents). Our findings reveal significant heterogeneity across and within measure categories (propensity, frequency, behaviour), domains (e.g., investment, occupational, alcohol consumption), and sample characteristics (e.g., age). Specifically, while self-reported propensity and frequency measures of risk preference show a higher degree of stability relative to behavioural measures, these patterns are moderated by domain and age. Crucially, an analysis of convergent validity reveals a low agreement across measures, questioning the idea that they capture the same underlying phenomena. Our results raise concerns about the coherence and measurement of the risk preference construct.

Ce résumé expose les affirmations des auteurs. BNTIC ne l’interprète pas comme une validation indépendante des résultats.