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dc.contributor.authorHey, John Denisen_US
dc.contributor.authorMorone, Andreaen_US
dc.contributor.authorSchmidt, Ulrichen_US
dc.date.accessioned2009-01-28T14:18:08Z-
dc.date.available2009-01-28T14:18:08Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/4098-
dc.description.abstractIn the context of eliciting preferences for decision making under risk, we ask the question: "which might be the 'best' method for eliciting such preferences?". It is well known that different methods differ in terms of the bias in the elicitation; it is rather less well-known that different methods differ in terms of their noisiness. The optimal trade-off depends upon the relative magnitudes of these two effects. We examine four different elicitation mechanisms (pairwise choice, willingness-to-pay, willingness-to-accept, and certainty equivalents) and estimate both effects. Our results suggest that economists might be better advised to use what appears to be a relatively inefficient elicitation technique (i.e. pairwise choice) in order to avoid the bias in better-known and more widely-used techniques.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1386de
dc.subject.jelC91en_US
dc.subject.jelC81en_US
dc.subject.ddc330-
dc.subject.keywordPairwise choiceen_US
dc.subject.keywordWTP-
dc.subject.keywordWTA-
dc.subject.keywordErrors-
dc.subject.keywordNoise-
dc.subject.keywordBiases-
dc.subject.stwEntscheidung bei Risikode
dc.subject.stwWillingness to payen_US
dc.subject.stwExperimentde
dc.subject.stwModell-Spezifikationde
dc.subject.stwStatistischer Fehlerde
dc.subject.stwBiasen_US
dc.subject.stwPräferenztheoriede
dc.titleNoise and bias in eliciting preferencesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn549781129en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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