A Truth Serum for Non-Bayesians: Correcting Proper Scoring Rules for Risk Attitudes *

Theo Offerman, Joep Sonnemans, Gijs Kuilen and Peter Wakker

The Review of Economic Studies, 2009, vol. 76, issue 4, 1461-1489

Abstract: Proper scoring rules provide convenient and highly efficient tools for incentive-compatible elicitations of subjective beliefs. As traditionally used, however, they are valid only under expected value maximization. This paper shows how they can be generalized to modern ("non-expected utility") theories of risk and ambiguity, yielding mutual benefits: users of scoring rules can benefit from the empirical realism of non-expected utility, and analysts of ambiguity attitudes can benefit from efficient measurements using proper scoring rules. An experiment demonstrates the feasibility of our generalization. Copyright 2009, Wiley-Blackwell.

Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (156)

Downloads: (external link)
http://hdl.handle.net/10.1111/j.1467-937X.2009.00557.x (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:restud:v:76:y:2009:i:4:p:1461-1489

Access Statistics for this article

The Review of Economic Studies is currently edited by Thomas Chaney, Xavier d’Haultfoeuille, Andrea Galeotti, Bård Harstad, Nir Jaimovich, Katrine Loken, Elias Papaioannou, Vincent Sterk and Noam Yuchtman

More articles in The Review of Economic Studies from Review of Economic Studies Ltd
Bibliographic data for series maintained by Oxford University Press (joanna.bergh@oup.com).