Question
Your company has five offices in New South Wales (Tweed Heads, Byron Bay, Coffs Harbour, Newcastle, and Sydney) and five in Queensland (Currumbin, Logan City,
Your company has five offices in New South Wales (Tweed Heads, Byron Bay, Coffs Harbour, Newcastle, and Sydney) and five in Queensland (Currumbin, Logan City, Brisbane, Noosa, and Cairns). Your boss is interested in exploring whether daylight saving time changes have an impact on risk attitudes/preferences using the Holt & Laury approach. Daylight Saving Time (DST) is the practice of advancing clocks one hour during the warmer months of the year so that the evening daylight lasts longer. In Australia, Daylight Saving is observed in New South Wales but not in Queensland (see https://www.australia.gov.au/about-australia/facts-and-figures/time-zones-and-daylight-saving). How would you proceed? Design an experimental study that allows you isolate the impact of daylight saving time changes. Think about aspects such as which groups/offices are worth comparing and why. Discuss also the timing of the experiment (due to exploring DST) and the pros and cons of trying to use the Holt & Laury approach to elicit risk attitudes/preferences in this context. Clarify why it could be interesting to explore risk preferences in a DST context.
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