A failed attempt to explain within subject variation in risk taking behavior using domain specific risk attitudes

► This paper reports the results of a study measuring risk taking behavior using multiple paid elicitation tasks. ► Consistent with previous puzzling results in the literature, we find considerable within subject variation in behavior across tasks. Participants also completed surveys to measure domain specific risk attitudes. ► A hypothesis derived from the psychology literature is that apparently inconsistent behavior can be explained by a subject's domain specific risk attitude as measured by existing instruments. ► Specifically, we consider whether different elicitation tasks are tapping into different aspects of a person's personality. The results show minimal evidence to support this explanation. Previous research has found considerable variation in risk taking behavior within individuals across tasks. In this paper, we develop a hypothesis derived from the psychology literature that such apparently inconsistent behavior can be explained by a subject's domain specific risk attitudes. To test our hypothesis, we conducted a laboratory study using multiple paid risk elicitation tasks and a risk attitude survey. Consistent with previous research, our results indicated considerable within subject variation in behavior across tasks. However, we found little support for the hypothesis that this variation can be explained by domain specific risk attitudes.