Elicitation using multiple price list formats
We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages...
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| Veröffentlicht in: | Experimental economics : a journal of the Economic Science Association 2006-12, Vol.9 (4), p.383-405 |
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| container_title | Experimental economics : a journal of the Economic Science Association |
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| creator | Rutström, E Harrison, Glenn Lau, Morten Andersen, Steffen |
| description | We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concerns. We conclude that although there are framing effects, they can be controlled for with a design that allows for them. We also find that the elicitation of risk attitudes is sensitive to procedures, subject pools, and the format of the multiple price list table, but that the qualitative findings that participants are generally risk averse is robust. The elicitation of discount rates appear less sensitive to details of the experimental design. Copyright Economic Science Association 2006 |
| doi_str_mv | 10.1007/s10683-006-7055-6 |
| format | Article |
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| ispartof | Experimental economics : a journal of the Economic Science Association, 2006-12, Vol.9 (4), p.383-405 |
| issn | 1386-4157 1573-6938 |
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| source | RePEc; SpringerLink Journals - AutoHoldings |
| subjects | Attitudes Design of experiments Discount rates Discounts Economic research Economics Elicitation Experiments Laboratories Prices Risk Risk aversion Valuation Willingness to pay |
| title | Elicitation using multiple price list formats |
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