Eliciting risk preferences using choice lists

Artikel

We study the effect of embedding pairwise choices between lotteries within a choice list on measured risk attitude. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment significantly more often when responding to a choice list. This behavior can be rationalized by the interaction between nonexpected utility and the random incentive system, as suggested by Karni and Safra (1987).

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Quantitative Economics ; ISSN: 1759-7331 ; Volume: 10 ; Year: 2019 ; Issue: 1 ; Pages: 217-237 ; New Haven, CT: The Econometric Society

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Design of Experiments: General ; Design of Experiments: Laboratory, Individual ; Criteria for Decision-Making under Risk and Uncertainty ; Micro-Based Behavioral Economics: General‡
• Thema: Random incentive system ; isolation independence axiom ; multiple price list ; reduction of compound lotteries ; preference reversals ; certainty effect

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Freeman, David ; Halevy, Yoram ; Kneeland, Terri
• Ereignis: Veröffentlichung
• (wer): The Econometric Society
• (wo): New Haven, CT
• (wann): 2019

Weitere Informationen

• DOI: doi:10.3982/QE856
• Handle: http://hdl.handle.net/10419/217141
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ