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https://hdl.handle.net/10419/4098
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Hey, John Denis | en |
dc.contributor.author | Morone, Andrea | en |
dc.contributor.author | Schmidt, Ulrich | en |
dc.date.accessioned | 2009-01-28T14:18:08Z | - |
dc.date.available | 2009-01-28T14:18:08Z | - |
dc.date.issued | 2007 | - |
dc.identifier.uri | http://hdl.handle.net/10419/4098 | - |
dc.description.abstract | In the context of eliciting preferences for decision making under risk, we ask the question: "which might be the 'best' method for eliciting such preferences?". It is well known that different methods differ in terms of the bias in the elicitation; it is rather less well-known that different methods differ in terms of their noisiness. The optimal trade-off depends upon the relative magnitudes of these two effects. We examine four different elicitation mechanisms (pairwise choice, willingness-to-pay, willingness-to-accept, and certainty equivalents) and estimate both effects. Our results suggest that economists might be better advised to use what appears to be a relatively inefficient elicitation technique (i.e. pairwise choice) in order to avoid the bias in better-known and more widely-used techniques. | en |
dc.language.iso | eng | en |
dc.publisher | |aKiel Institute for the World Economy (IfW) |cKiel | en |
dc.relation.ispartofseries | |aKiel Working Paper |x1386 | en |
dc.subject.jel | C91 | en |
dc.subject.jel | C81 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | WTP | en |
dc.subject.keyword | WTA | en |
dc.subject.keyword | Errors | en |
dc.subject.keyword | Noise | en |
dc.subject.keyword | Biases | en |
dc.subject.keyword | Pairwise choice | en |
dc.subject.stw | Entscheidung bei Risiko | en |
dc.subject.stw | Experiment | en |
dc.subject.stw | Modell-Spezifikation | en |
dc.subject.stw | Statistischer Fehler | en |
dc.subject.stw | Präferenztheorie | en |
dc.title | Noise and bias in eliciting preferences | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 549781129 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:ifwkwp:1386 | en |
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