SOEP-IS 2017 - IRISK: Decision from description vs. decision from experience

DIW Berlin / SOEP (Ed.) Research Report SOEP-IS 2017 - IRISK: Decision from description vs. decision from experience SOEP Survey Papers, No. 735 Provided in Cooperation with: German Institute for Economic Research (DIW Berlin) Suggested Citation: DIW Berlin / SOEP (Ed.) (2019) : SOEP-IS 2017 - IRISK: Decision from description vs. decision from experience, SOEP Survey Papers, No. 735, Deutsches Institut für Wirtschaftsforschung (DIW), Berlin This Version is available at: https://hdl.handle.net/10419/197361 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-sa/4.0/ 735 SOEP Survey Papers Series D – Variable Descriptions and Coding SOEP — The German Socio-Economic Panel at DIW Berlin 2019 SOEP-IS 2017—IRISK: Decision from Description vs. Decision from Experience SOEP-IS Group The German Socio-Economic Panel Running since 1984, the German Socio-Economic Panel (SOEP) is a wide-ranging representative longitudinal study of private households, located at the German Institute for Economic Research, DIW Berlin. The aim of the SOEP Survey Papers Series is to thoroughly document the survey’s data collection and data processing. The SOEP Survey Papers is comprised of the following series: Series A – Survey Instruments (Erhebungsinstrumente) Series B – Survey Reports (Methodenberichte) Series C – Data Documentation (Datendokumentationen) Series D – Variable Descriptions and Coding Series E – SOEPmonitors Series F – SOEP Newsletters Series G – General Issues and Teaching Materials The SOEP Survey Papers are available at http://www.diw.de/soepsurveypapers Editors: Dr. Jan Goebel, DIW Berlin Prof. Dr. Stefan Liebig, DIW Berlin and Freie Universität Berlin Dr. David Richter, DIW Berlin Prof. Dr. Carsten Schröder, DIW Berlin and Freie Universität Berlin Prof. Dr. Jürgen Schupp, DIW Berlin and Freie Universität Berlin Dr. Sabine Zinn, DIW Berlin Please cite this paper as follows: SOEP-IS Group, 2019. SOEP-IS 2017—IRISK: Decision from Description vs. Decision from Experience. SOEP Survey Papers 735: Series D – Variable Descriptions and Coding. Berlin: DIW Berlin/SOEP This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. © 2019 by SOEP ISSN: 2193-5580 (online) DIW Berlin German Socio-Economic Panel (SOEP) Mohrenstr. 58 10117 Berlin Germany [email protected] The German Socio Economic Panel at DIW Berlin SOEP-IS 2017—IRISK: Decision from Description vs. Decision from Experience SOEP-IS Group 2019 The file irisk is part of a collection, which is released with doi:10.5684/soep.is.2017. SOEP Innovation Sample (2017) irisk (2017) Contents 1 Overview 3 2 Variables in File IRISK 3 pid – Never Changing Person Id ........................... 3 syear – Survey-Year ................................... 3 im_risk – Innovative Module: Decisions from Description and Experience . . . . 3 task_order – Task Order ................................ 3 task – Task ....................................... 3 trail – Trail ....................................... 4 gamble – Gamble .................................... 4 sample_ind – Sample Index .............................. 4 time – Unix Time Stamp ................................ 5 decision_box – Chosen Box (Box Number, From Left To Right) ........... 5 outcome – Outcome .................................. 5 react_time – Reaction Time (Milliseconds) ...................... 6 nroption – Number of Options In Current Choice Set ................ 6 higher_opt – Chose Higher-EV Option ........................ 6 riskier – Chose Riskier Option ............................ 7 ch_option – Chosen Option (Randomized Allocation of a/b/c/d to Boxes) . . . . . 7 condition – Condition Of Choice Set ......................... 7 sample_box – Chosen Sample Box (Box Number, From Left To Right) ....... 7 sample_out – Sample Outcome ............................ 8 sample_opt – Chosen Sample Option (Randomized Allocation of a/b/c/d to Boxes) 8 decision – Chosen Option In The Final Decision .................. 8 outcome1_a – Outcome 1 Option A .......................... 8 outcome2_a – Outcome 2 Option A .......................... 9 probab1_a – Probability Outcome 1 Option A .................... 9 probab2_a – Probability Outcome 2 Option A .................... 9 outcome1_b – Outcome 1 Option B .......................... 9 outcome2_b – Outcome 2 Option B .......................... 10 probab1_b – Probability Outcome 1 Option B .................... 10 probab2_b – Probability Outcome 2 Option B .................... 10 outcome1_c – Outcome 1 Option C .......................... 10 outcome2_c – Outcome 2 Option C .......................... 11 probab1_c – Probability Outcome 1 Option C ..................... 11 probab2_c – Probability Outcome 2 Option C .................... 11 outcome1_d – Outcome 1 Option D .......................... 11 outcome2_d – Outcome 2 Option D ......................... 11 probab1_d – Probability Outcome 1 Option D .................... 12 probab2_d – Probability Outcome 2 Option D .................... 12 SOEP Survey Papers 735 2 SOEP Innovation Sample (2017) irisk (2017) 1 Overview Decisions from description and decisions from experience. The choice task in the description paradigm consists of two monetary gambles with explicitly stated outcomes and probabilities. In turn, the decisions from experience paradigm consists of an initial sampling stage in which a person explores two payoff distributions without costs by clicking on one of the two buttons on the computer screen, followed by an outcome drawn from the respective distribution. After terminating sampling, the person sees a choice screen and is asked to select the button to draw once for real. We used a within-subject design in which individuals were asked to choose between monetary gambles in two blocks of trials, one involving decisions from description, and another, decisions from experience, with the presentation order being counterbalanced across participants. Participants were asked to perform 4 choices within each block. Set size was manipulated to test for information overload effects because previous work suggests that more cognitively demanding tasks lead to significant individual and age differences in risk taking (two vs. four options; cf. Frey, Mata, & Hertwig, 2013; Hills Noguchi, & Gibbert, 2013; Mata et al., 2011). In sum, the design will be 2 (format: description vs. experience) x 2 (set size: two vs. four options). 2 Variables in File IRISK pid – Never Changing Person Id syear – Survey-Year im_risk – Innovative Module: Decisions from Description and Experience 0[0] Does Not Apply 0 1[1] Does Apply 43677 task_order – Task Order 1[1] Split 1:Order dfd_dfe 21040 2[2] Split 2:Order dfe_dfd 22637 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 task – Task 1[1] Decisions from description (dfd) 3948 2[2] Decisions from experience (dfe) 39729 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 SOEP Survey Papers 735 3 SOEP Innovation Sample (2017) irisk (2017) -6 [-6] Questionnaire Version With Modified Filter 0 trail – Trail 1[1] Trial 1 13005 2[2] Trial 2 9706 3[3] Trial 3 9301 4[4] Trial 4 11665 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 gamble – Gamble 1[1] Gamble 1 (2 Options) 11988 2[2] Gamble 2 (2 Options) 8517 3[3] Gamble 3 (4 Options) 10490 4[4] Gamble 4 (4 Options) 12682 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 sample_ind – Sample Index 0 113 1 3835 2 3620 3 3194 4 2928 5 2332 6 1948 7 1745 8 1626 9 1366 10 1236 11 1149 12 1079 13 940 14 866 ... (331 rows omitted) 11743 346 1 347 1 348 1 349 1 SOEP Survey Papers 735 4 SOEP Innovation Sample (2017) irisk (2017) 350 1 351 1 352 1 353 1 354 1 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 3948 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 time – Unix Time Stamp -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 decision_box – Chosen Box (Box Number, From Left To Right) 1 16900 2 15237 3 5959 4 5581 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 outcome – Outcome 0 14534 3 17489 4 11028 32 462 34 55 68 109 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 SOEP Survey Papers 735 5 SOEP Innovation Sample (2017) irisk (2017) react_time – Reaction Time (Milliseconds) 22 1 23 1 24 105 26 36 27 61 28 2 29 27 32 1 33 1 34 1 38 1 44 11 47 45 49 1 52 16 ... (5891 rows omitted) 43358 93113 1 93851 1 96744 1 97495 1 107663 1 108649 1 129501 1 199369 1 301407 1 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 nroption – Number of Options In Current Choice Set 2 20505 4 23172 -1 [-1] No Answer 0 -2 [-2] Does Not Apply 0 -3 [-3] Not Valid 0 -4 [-4] Inadmissible multiple answer 0 -5 [-5] Not Contained in Questionnaire 0 -6 [-6] Questionnaire Version With Modified Filter 0 higher_opt – Chose Higher-EV Option 0[0] No 30578 1[1] Yes 13099 -1 [-1] No Answer 0 SOEP Survey Papers 735 6