The Multivariate Random Preference Estimatorfor Switching Multiple Price List Data
Peter Moffatt () and
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Mary Riddel: University of Nevada
No 2019-04, University of East Anglia School of Economics Working Paper Series from School of Economics, University of East Anglia, Norwich, UK.
The use of Multiple Price Lists to elicit individuals' risk preferences is widespread. To model data collected through this method, we introduce the Multivariate Random Preference (MRP) estimator, specifically designed for the \switching" variant of such lists. This is a new estimation approach that enables us to exploit all available information derived from subjects' switch points in the lists. Monte Carlo simulations show that our estimator is consistent and has good small-sample properties. The estimator is derived for a two-parameter model in a risky context.
Keywords: Risk Preference; Monte Carlo Simulations; Importance Sampling (search for similar items in EconPapers)
JEL-codes: C51 C52 C91 D81 (search for similar items in EconPapers)
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