A common approach to elicit risk attitude is the multiple price list with a series of binary choices. However, a frequently observed problem when using multiple price lists is that participants switch more than once from the safer to the riskier option, thus exhibiting multiple switching behavior. The present study analyzes whether the visualization of different multiple price lists reduce multiple switching behavior. Therefore, we conduct two types of multiple price lists in two different display formats. Participants are randomly assigned into a textual or a visual group and carry out both multiple price lists in the corresponding display format. Our results reveal that different types of multiple price lists lead to differences in the extent of multiple switching behavior. Moreover, we show that the visualization of a multiple price list can be an instrument to greatly reduce multiple switching behavior.
experiment multiple price list multiple switching behavior visualization