The Binary Lottery Procedure does not induce risk neutrality in the Holt-Laury and Eckel-Grossman tasks
Jörg Oechssler and
No 663, Working Papers from University of Heidelberg, Department of Economics
We test whether the binary lottery procedure makes subjects behave as if they are risk neutral in the Holt-Laury and Eckel-Grossman tasks. Depending on the task we find that at most a third of subjects behave as if risk neutral. In fact, when we compare the distribution of choices we find no significant difference to earlier experiments in the same lab that did not use the binary lottery procedure.
Keywords: risk elicitation; binary lottery procedure; experimental economics (search for similar items in EconPapers)
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