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dc.contributor.authorHey, John Denisen
dc.contributor.authorMorone, Andreaen
dc.contributor.authorSchmidt, Ulrichen
dc.date.accessioned2009-01-28T14:18:08Z-
dc.date.available2009-01-28T14:18:08Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1386en
dc.subject.jelC91en
dc.subject.jelC81en
dc.subject.ddc330en
dc.subject.keywordWTPen
dc.subject.keywordWTAen
dc.subject.keywordErrorsen
dc.subject.keywordNoiseen
dc.subject.keywordBiasesen
dc.subject.keywordPairwise choiceen
dc.subject.stwEntscheidung bei Risikoen
dc.subject.stwExperimenten
dc.subject.stwModell-Spezifikationen
dc.subject.stwStatistischer Fehleren
dc.subject.stwPräferenztheorieen
dc.titleNoise and bias in eliciting preferences-
dc.typeWorking Paperen
dc.identifier.ppn549781129en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1386en

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