Holt, Charles A.; Smith, Angela M. - In: Journal of Economic Behavior & Organization 69 (2009) 2, pp. 125-134
This paper reports an experiment in which subjects are asked to assess probabilities for unknown events, with treatments that vary the extremity of the prior information. Probabilities are elicited using a Becker-DeGroot-Marshak procedure that does not depend on assumptions about risk aversion....