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Eliciting Risk Preferences using Choice Lists

Kneeland, TL; Freeman, D; Halevy, Y; (2018) Eliciting Risk Preferences using Choice Lists. Quantitative Economics (In press). Green open access

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Abstract

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 non-expected utility and the random incentive system, as suggested by Karni and Safra (1987).

Type: Article
Title: Eliciting Risk Preferences using Choice Lists
Open access status: An open access version is available from UCL Discovery
Publisher version: http://qeconomics.org/ojs/index.php/qe/issue/curre...
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: random incentive system, isolation, independence axiom, multiple price list, reduction of compound lotteries, preference reversals, certainty effect.
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/10058627
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