EconPapers    
Economics at your fingertips  
 

The Multivariate Random Preference Estimatorfor Switching Multiple Price List Data

Anna Conte (), Peter Moffatt () and Mary Riddel
Additional contact information
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.

Abstract: 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)
Date: 2019-11-21
New Economics Papers: this item is included in nep-ecm and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://ueaeco.github.io/working-papers/papers/ueaeco/UEA-ECO-19-04.pdf main text (application/pdf)

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:uea:ueaeco:2019_04

Ordering information: This working paper can be ordered from
Reception, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK

Access Statistics for this paper

More papers in University of East Anglia School of Economics Working Paper Series from School of Economics, University of East Anglia, Norwich, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Cushan ().

 
Page updated 2021-01-24
Handle: RePEc:uea:ueaeco:2019_04