Eliciting risk preferences using choice lists

• 成果类型: Article
• 署名作者: Freeman, David J.; Halevy, Yoram; Kneeland, Terri
• 署名单位: Simon Fraser University; University of Toronto; University of London; University College London
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE856
• 发表日期: 2019
• 页码: 217-237
• 关键词: Random incentive system; isolation; independence axiom; multiple price list; reduction of compound lotteries; preference reversals; certainty effect

摘要

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 ().