Alternative Payoff Mechanisms for Choice under Risk.

Cox, James C., Sadiraj, Vjollca and Schmidt, Ulrich (2014) Alternative Payoff Mechanisms for Choice under Risk. International Advances in Economic Research, 20 (2). pp. 239-240. DOI 10.1007/s11294-013-9452-x.

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Abstract

Most experiments on decision theory ask individual subjects to make more than one decision. The isolation hypothesis is commonly used to justify the choice of the random lottery incentive mechanism as the preferred payoff protocol. This research note reports on the main findings on the theoretical and empirical performance of different payoff mechanisms on eliciting individuals’ attitudes toward risk. It challenges the conventional view that the random lottery incentive mechanism introduces no biases in inducing risk preferences.

Document Type: Article
Research affiliation: Kiel University > Kiel Marine Science
OceanRep > The Future Ocean - Cluster of Excellence
Kiel University
Refereed: Yes
Open Access Journal?: No
DOI etc.: 10.1007/s11294-013-9452-x
ISSN: 1083-0898
Projects: Future Ocean
Date Deposited: 01 Mar 2018 10:54
Last Modified: 26 Apr 2019 10:16
URI: http://oceanrep.geomar.de/id/eprint/42071

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