Eliciting risk preferences: Text vs. graphical multiple price lists

Sameh Habib, Daniel Friedman, Sean Crockett and Duncan James

Discussion Papers, Research Professorship Market Design: Theory and Pragmatics from WZB Berlin Social Science Center

Abstract: We introduce new graphical displays that present binary choice lotteries via three dimensional rotating pie charts whose heights represent the prize amounts. We compare four graphical versions to the original text-only Holt & Laury (2002) multiple price list. Parametric and non-parametric measures of risk preferences are found to shift towards risk neutrality for the graphical displays.

Keywords: Multiple Price List; Elicitation; Risk Aversion; Experiment (search for similar items in EconPapers)
JEL-codes: C91 D81 D89 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:wzbmdn:spii2015501

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