Table 1 The BJKS – instrument (the version presented by Schroyen & Aarbu (2018)

Suppose that you are the only income earner in your household. Suppose also that reasons beyond your control force you to change occupation. You can choose between two alternatives. Job 1 guarantees you the same income as your current income. Job 2 gives you a 50% chance of income twice as high as your current income, but with a 50% chance it results in the reduction of your current income by one-third. What is your immediate reaction? Would you choose job 1 or job 2?

If the respondents select the safe alternative (job 1), she is presented with a new pair of alternatives, the only difference being that the downside risk of job 2 is one-fifth of the current income (20% reduction) instead of one-third (33% reduction). If, on the other hand, job 2 is selected, the follow-up question presents the respondent with a choice between the safe alternative and a risky job 2 where the downside risk increases from one-third (33 % reduction) to one-half (50 % reduction).