Elicitation using multiple price list formats

    Authors

    S. Andersen; G. W. Harrison; M. I. Lau;E. E. Rutstrom

    Comments

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    Abbreviated Journal Title

    Exp. Econ.

    Keywords

    elicitation; experiments; risk aversion; discount rates; RISK-AVERSION; DISCOUNT RATES; RURAL INDIA; ATTITUDES; REWARDS; THEOREM; VALUES; Economics

    Abstract

    We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concerns. We conclude that although there are framing effects, they can be controlled for with a design that allows for them. We also find that the elicitation of risk attitudes is sensitive to procedures, subject pools, and the format of the multiple price list table, but that the qualitative findings that participants are generally risk averse is robust. The elicitation of discount rates appear less sensitive to details of the experimental design.

    Journal Title

    Experimental Economics

    Volume

    9

    Issue/Number

    4

    Publication Date

    1-1-2006

    Document Type

    Article

    Language

    English

    First Page

    383

    Last Page

    405

    WOS Identifier

    WOS:000242815600005

    ISSN

    1386-4157

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