PENGEMBANGAN DAN EVALUASI INSTRUMEN UNTUK MENGUKUR PREFERENSI RISIKO MANUSIA

• Main Authors: , DHYANA PARAMITA, , Budi Hartono, ST., MPM., Ph.D.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/122708/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=62812
• Institution: Universitas Gadjah Mada

Instrument development and testing for risk preference measurement in risky-decision making has been developed in many developed countries. However, similar studies concerning an Indonesia context are still very limited. Therefore, the purpose of this research is to develop and evaluate several instruments which is able to measure risk preference within Indonesia cases. In this research, two approaches are utilized in developing instruments, which are: expected utility and psychometry. Expected utility is used to develop risk attitude instrument by using lottery technique, strength of preference by using mid value splitting, and intrinsic risk attitude. Psychometry is used to develop instruments using likert scale. The latter approach adopt two instruments from two different studies. In other words, five instruments were evaluated. Therefore, the output of this research is to figure out the convergent validity for all instruments. This research uses an empirical study by using data of 30 owners of clothing business in Yogyakarta. From risk attitude using lottery technique, it is found the percentage for risk averse, risk neutral, and risk seeking are 47%, 20%, and 30% respectively. From strength of preference using mid-value splitting, it is found the percentage for decreasing marginal value, linear marginal value, and increasing marginal value are 33.3% each. Then from intrinsic risk attitude, it is found the percentage for intrinsic risk averse, intrinsic risk neutral, and intrinsic risk seeking are 40%, 33%, and 27% respectively. Goodness of fit is showed by median MSE and R2, which is 0.139 and 0.963 (lottery technique), 0.187 and 0.955 (mid value splitting), also 0.005 and 0.956 (intrinsic risk attitude). Psychometry 1 and Psychometry 2 are instruments which developed by psychometry. Psychometry 1 state that 10% respondents are risk seeking and 87% are risk averse. Psychometry 2 state that 10% respondents are risk averse and 87% are risk seeking. Result for the convergent validity across instruments varied. Using a spearman test, there are convergent validity is found between lottery technique with intrinsic risk attitude and Psychometry 2.