The paper performs an in-depth comparison of four incentivised risk elicitation tasks. We show by means of a simulation exercise that part of the often observed heterogeneity of estimates across tasks is due to task-specific measurement error induced by the mere mechanics of the tasks. We run a replication experiment in a homogeneous subject pool using a between subjects one-shot design. Results shows that the task estimates vary over and above what can be explained by the simulations. We investigate the possibility the tasks elicit different types of preferences, rather than simply provide a different measure of the same preferences. In particular, the availability of a riskless alternative plays a prominent role helping to explain part of the differences in the estimated preferences.
A theoretical and experimental appraisal of four risk elicitation methods / P. Crosetto, A. Filippin. - In: EXPERIMENTAL ECONOMICS. - ISSN 1386-4157. - 19:3(2016 Sep 01), pp. 613-641.
|Titolo:||A theoretical and experimental appraisal of four risk elicitation methods|
CROSETTO, PAOLO (Primo)
FILIPPIN, ANTONIO (Ultimo)
|Parole Chiave:||Risk attitudes; Elicitation methods; Experiment|
|Settore Scientifico Disciplinare:||Settore SECS-P/01 - Economia Politica|
Settore SECS-P/02 - Politica Economica
|Data di pubblicazione:||1-set-2016|
|Digital Object Identifier (DOI):||http://dx.doi.org/10.1007/s10683-015-9457-9|
|Appare nelle tipologie:||01 - Articolo su periodico|