SOEP-IS 2023 - IRISK: Decision from description vs. decision from experience

SOEP-IS Group Research Report SOEP-IS 2023 - IRISK: Decision from description vs. decision from experience SOEP Survey Papers, No. 1487 Provided in Cooperation with: German Institute for Economic Research (DIW Berlin) Suggested Citation: SOEP-IS Group (2025) : SOEP-IS 2023 - IRISK: Decision from description vs. decision from experience, SOEP Survey Papers, No. 1487, Deutsches Institut für Wirtschaftsforschung (DIW), German Socio-Economic Panel (SOEP), Berlin This Version is available at: https://hdl.handle.net/10419/316304 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. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. 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/ 1487 2025 Series D – Variable Descriptions and Coding SOEP-IS 2023 – IRISK: Decision from Description vs. Decision from Experience SOEP-IS Group 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 Dr. Christian Hunkler, DIW Berlin Prof. Dr. Philipp Lersch, DIW Berlin and Humboldt-Universität zu Berlin Dr. Levent Neyse, DIW Berlin and Berlin Social Science Center (WZB) Prof. Dr. Carsten Schröder, DIW Berlin and Freie Universität Berlin Prof. Dr. Sabine Zinn, DIW Berlin and Humboldt-Universität zu Berlin Please cite this paper as follows: SOEP-IS Group, 2025. SOEP-IS 2023 – IRISK: Decision from Description vs. Decision from Experience. SOEP Survey Papers 1487: Series D – Variable Descriptions and Coding. Berlin: DIW Berlin/SOEP This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. © 2025 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 2023 – IRISK: Decision from Description vs. Decision from Experience SOEP-IS Group 2025 The file irisk is part of a collection, which is released with doi:10.5684/soep.is.2023. SOEP Innovation Sample (2023) irisk 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 ................................ 4 task – Task ....................................... 4 trail – Trail ....................................... 4 gamble – Gamble .................................... 5 sample_ind – Sample Index .............................. 5 time – Unix Time Stamp ................................ 6 decision_box – Chosen Box (Box Number, From Left To Right) ........... 6 outcome – Outcome .................................. 6 react_time – Reaction Time (Milliseconds) ...................... 7 nroption – Number of Options In Current Choice Set ................ 7 higher_opt – Chose Higher-EV Option ........................ 8 riskier – Chose Riskier Option ............................ 8 ch_option – Chosen Option (Randomized Allocation of a/b/c/d to Boxes) . . . . . 8 condition – Condition Of Choice Set ......................... 9 sample_box – Chosen Sample Box (Box Number, From Left To Right) ....... 9 sample_out – Sample Outcome ............................ 9 sample_opt – Chosen Sample Option (Randomized Allocation of a/b/c/d to Boxes) 10 decision – Chosen Option In The Final Decision .................. 10 outcome1_a – Outcome 1 Option A .......................... 10 outcome2_a – Outcome 2 Option A .......................... 11 probab1_a – Probability Outcome 1 Option A .................... 11 probab2_a – Probability Outcome 2 Option A .................... 11 outcome1_b – Outcome 1 Option B .......................... 12 outcome2_b – Outcome 2 Option B .......................... 12 probab1_b – Probability Outcome 1 Option B .................... 12 probab2_b – Probability Outcome 2 Option B .................... 12 outcome1_c – Outcome 1 Option C .......................... 13 outcome2_c – Outcome 2 Option C .......................... 13 probab1_c – Probability Outcome 1 Option C ..................... 13 probab2_c – Probability Outcome 2 Option C .................... 14 outcome1_d – Outcome 1 Option D .......................... 14 outcome2_d – Outcome 2 Option D ......................... 14 probab1_d – Probability Outcome 1 Option D .................... 14 probab2_d – Probability Outcome 2 Option D .................... 15 SOEP Survey Papers 1487 2 SOEP Innovation Sample (2023) irisk 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 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 syear – Survey-Year -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 im_risk – Innovative Module: Decisions from Description and Experience 0[0] Does Not Apply 0 SOEP Survey Papers 1487 3 SOEP Innovation Sample (2023) irisk 1[1] Does Apply 43677 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 task_order – Task Order 1[1] Split 1:Order dfd_dfe 21040 2[2] Split 2:Order dfe_dfd 22637 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 task – Task 1[1] Decisions from description (dfd) 3948 2[2] Decisions from experience (dfe) 39729 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 trail – Trail 1[1] Trial 1 13005 2[2] Trial 2 9706 3[3] Trial 3 9301 4[4] Trial 4 11665 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 SOEP Survey Papers 1487 4 SOEP Innovation Sample (2023) irisk -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 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 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 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 ... (333 rows omitted) 11745 348 1 349 1 350 1 351 1 352 1 353 1 354 1 -1 No Answer 0 SOEP Survey Papers 1487 5 SOEP Innovation Sample (2023) irisk -2 Does not apply 3948 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 time – Unix Time Stamp -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 decision_box – Chosen Box (Box Number, From Left To Right) 1 16900 2 15237 3 5959 4 5581 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 outcome – Outcome 0 14534 3 17489 4 11028 32 462 34 55 68 109 -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 SOEP Survey Papers 1487 6 SOEP Innovation Sample (2023) irisk -1 No Answer 0 -2 Does not apply 0 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 outcome1_c – Outcome 1 Option C 3 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 outcome2_c – Outcome 2 Option C 0 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 probab1_c – Probability Outcome 1 Option C 1 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 SOEP Survey Papers 1487 13 SOEP Innovation Sample (2023) irisk probab2_c – Probability Outcome 2 Option C 0 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 outcome1_d – Outcome 1 Option D 4 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 outcome2_d – Outcome 2 Option D 0 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 probab1_d – Probability Outcome 1 Option D 0.7 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 SOEP Survey Papers 1487 14 SOEP Innovation Sample (2023) irisk -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 probab2_d – Probability Outcome 2 Option D 0.3 23172 -1 No Answer 0 -2 Does not apply 20505 -3 Answer improbable 0 -4 Inadmissible multiple response 0 -5 Not included in this version of the questionnaire 0 -6 Version of questionnaire with modified filtering 0 -7 Only available in less restricted edition 0 -8 Question not part of the survey program this year 0 SOEP Survey Papers 1487 15