Eliciting risk preferences: Text vs. graphical multiple price lists

We introduce new graphical displays that present binary choice lotteries via three dimensional rotating pie charts whose heights represent the prize amounts. We compare four graphical versions to the original text-only Holt & Laury (2002) multiple price list. Parametric and non-parametric measures of risk preferences are found to shift towards risk neutrality for the graphical displays.

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Year of publication:	2015
Authors:	Habib, Sameh ; Friedman, Daniel ; Crockett, Sean ; James, Duncan
Publisher:	Berlin : Wissenschaftszentrum Berlin für Sozialforschung (WZB)
Subject:	Multiple Price List \| Elicitation \| Risk Aversion \| Experiment

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Series:	WZB Discussion Paper ; SP II 2015-501
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	841198136 [GVK] hdl:10419/123501 [Handle] RePEc:zbw:wzbmdn:SPII2015501 [RePEc]
Classification:	C91 - Laboratory, Individual Behavior ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; D89 - Information and Uncertainty. Other
Source:	EconStor

Persistent link: https://www.econbiz.de/10011390744