Ambiguity Aversion and Household Portfolio Choice (LISS Core Study)

In January 2010, the LISS panel completed a questionnaire about the choices one makes when confronted with a known and unknown probability distribution. The respondents were presented with three games. 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’). After three games, two control questions were asked. 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. 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.

2010年1月，LISS面板（LISS panel）完成了一份针对人们在面对已知与未知概率分布时所做选择的调查问卷。受访者需参与三项博弈，每项博弈最多包含六轮。从第二轮起，基于已知概率分布的获胜概率将随受访者上一轮的选择（“已知”或“未知”）动态调整。完成三项博弈后，受访者需回答两道控制题，其获胜概率取决于第一项博弈最后一轮的获胜概率。
最后，问卷设置了两道关于风险厌恶（risk aversion）的题目：这类题目同样最多包含六轮博弈，受访者需在两类选项中二选一——一类为可确保获得固定金额的确定性选项，另一类为拥有50%概率获得更高金额、50%概率获得0欧元的风险性选项。从第二轮博弈开始，确定性选项的金额将随受访者上一轮的选择发生调整。
受访者会被预先分配至两种实验条件之一，被分配至条件1与条件2的概率各为50%。同一家庭内的面板成员将被分配至相同的实验条件。条件1组的受访者被告知本次为虚拟博弈，不会获得额外奖励；条件2组的受访者则被告知实验结束后将进行真实博弈，可获得15欧元的额外奖励。