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Lookup NU author(s): Professor Morten Lau
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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.
Author(s): Andersen S, Harrison GW, Lau MI, Rutström EE
Publication type: Article
Publication status: Published
Journal: Experimental Economics
Year: 2006
Volume: 9
Issue: 4
Pages: 383-405
ISSN (print): 1386-4157
ISSN (electronic): 1573-6938
Publisher: Springer New York LLC
URL: http://dx.doi.org/10.1007/s10683-006-7055-6
DOI: 10.1007/s10683-006-7055-6
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