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Eliciting risk preferences: When is simple better
Journal of risk and uncertainty, 2010-12, Vol.41 (3), p.219-243
[Peer Reviewed Journal]
Springer Science+Business Media, LLC 2010 ;ISSN: 0895-5646 ;EISSN: 1573-0476 ;DOI: 10.1007/s11166-010-9103-z
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Title:
Eliciting risk preferences: When is simple better
Author:
Dave, Chetan
;
Eckel, Catherine C
;
Johnson, Cathleen A
;
Rojas, Christian
Subjects:
Accuracy
;
Attitude change
;
Attitude formation
;
Behavioral decision theory
;
Coefficients
;
Decision making
;
Economic Theory/Quantitative Economics/Mathematical Methods
;
Economics
;
Economics and Finance
;
Elicitation methods
;
Environmental Economics
;
Estimate reliability
;
Estimates
;
Expected utility
;
Experiments
;
Heterogeneity
;
Low noise
;
Mathematical independent variables
;
Mathematics
;
Measurement techniques
;
Methods
;
Microeconomics
;
Noise
;
Noise measurement
;
Noise prediction
;
Operations Research/Decision Theory
;
Preferences
;
Research methods
;
Revealed preferences
;
Risk aversion
;
Risk aversion preference
;
Risk preferences
;
Studies
;
Utility functions
Is Part Of:
Journal of risk and uncertainty, 2010-12, Vol.41 (3), p.219-243
Description:
We study the estimation of risk preferences with experimental data and focus on the trade-offs when choosing between two different elicitation methods that have different degrees of difficulty for subjects. We analyze how and when a simpler, but coarser, elicitation method may be preferred to the more complex, but finer, one. Results indicate that the more complex measure has overall superior predictive accuracy, but its downside is that subjects exhibit noisier behavior. Our main result is that subjects' numerical skills can help better assess this tradeoff: the simpler task may be preferred for subjects who exhibit low numeracy, as it generates less noisy behavior but similar predictive accuracy. For subjects with higher numerical skills, the greater predictive accuracy of the more complex task more than outweighs the larger noise. We also explore preference heterogeneity and provide methodological suggestions for future work.
Publisher:
Boston: Boston : Springer US
Language:
English
Identifier:
ISSN: 0895-5646
EISSN: 1573-0476
DOI: 10.1007/s11166-010-9103-z
Source:
ProQuest One Psychology
Alma/SFX Local Collection
ProQuest Central
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