Risk preferences play a crucial role in a great variety of economic decisions. Measuring risk preferences reliably is therefore an important challenge. In this paper we ask the question whether risk preferences observed in economic experiments reflect real-life risky choice behaviour. We investigate in a sample representative for a rural region of eastern Uganda whether pursuing farming strategies with both a higher expected profit and greater variance of profits is associated with willingness to take risks in an experiment. Controlling for other determinants of risk-taking in agriculture, we find that risky choice behaviour in the experiment is correlated with risky choice behaviour in real life in one domain, i.e. the purchase of fertiliser, but not in other domains, i.e. the growing of cash crops and market-orientation more broadly. Our findings suggest that economic experiments may be good at capturing real-world risky choice behaviour that is narrowly bracketed

In this paper we provide a detailed description of the methodological steps involved in conducting a Service Design study in combination with Discrete Choice Experiments (DCEs). It complements the conceptual and epistemological argument developed for this methodological combination in Osborne et al. (2021, World Development, in review WD-19535). Service Design for the co-creative development of policy interventions in complex adaptive systems involves an iterative process of moving between the six methodological stages of (1) problem co-definition, (2) actor-centred mapping, (3) experience-based problem diagnosis, (4) rapid prototyping, (5) design and testing and (6) upscaling. We suggest using DCEs as a quantitative method that is contextually adaptable and comparatively fast and cheap to implement, as part of stage (6) design and testing. Whilst both methods can operate independently with their own strengths and limitations, we find their combination to add value to the processes and outcomes of each. We illustrate the general methodological approach with a step-by-step description of its application to Weather Index Insurance in eastern Uganda. Bullet points: • Service Design co-creatively develops well-targeted solutions in complex adaptive systems. • Discrete Choice Experiments quantitatively elicit actors’ preferences over the design of goods or services. • Their combination can bring deeply contextualised, user-centred, operational and experimentally verified ideas for development interventions prior to their implementation.

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