Publication
Nov 2007
This paper explores what might be the best method to elicit people's preferences, focusing on decisions taken under risk. It looks at pairwise choice, willingness-to-pay, willingness-to-accept and certainty equivalents as different elicitation mechanisms and examines their bias and noisiness. The authors conclude that economists might be better advised to use the pairwise choice method in order to avoid the bias of the other techniques.
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English (PDF, 31 pages, 233 KB) |
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Author | John D Hey, Andrea Morone, Ulrich Schmidt |
Series | Kiel Institute Working Papers |
Issue | 1386 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2007 Kiel Institute for the World Economy |