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Title:How performance based payoffs influence estimates of complex information? An experimental study on quality and precision in estimation tasks PDF Logo
Authors:Kroll, Eike Benjamin
Rieger, Jörg
Vogt, Bodo
Issue Date:2011
Series/Report no.:Working paper series in economics 16
Abstract:This paper investigates the processing of repeated complex information. The focus of this study is, whether additional information and the introduction of performance-based payoffs have an influence on judgement. Therefore, an experiment is designed to investigate the degree of precision and quality of interval estimates. The data shows that providing additional information decreases the precision of stated estimates, while it improves its quality. The same result is obtained, when performance-based payoffs are introduced to an otherwise hypothetical decision environment. That means, while the variation in the treatment variables increase the quality of the estimate, the precision as a reflection of the decision makers confidence is reduced.
Subjects:interval estimates
uncertainty
judgmental estimation
repeated information
hypothetical versus payoffs
experiment
JEL:C90
C91
C92
D81
Persistent Identifier of the first edition:urn:nbn:de:swb:90-224784
Document Type:Working Paper
Appears in Collections:Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)

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