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Prince: An Improved General Method for Measuring Preferences| old_uid | 17941 |
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| title | Prince: An Improved General Method for Measuring Preferences |
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| start_date | 2019/10/25 |
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| schedule | 11h-12h30 |
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| online | no |
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| location_info | salle S17 |
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| summary | We introduce the prior incentive system (Prince) for measuring preferences. Prince makes the decision relevance and incentive compatibility of experimental choice questions clearer to subjects than was possible before. It combines the efficiency and precision of matching with an improved clarity and validity of choice questions. It helps distinguish between (a) genuine deviations from classical theories (such as the endowment effect) and (b) preference anomalies due to fallible measurements (such as preference reversals). Prince avoids (a) The opaqueness of the Becker-DeGroot-Marschak incentive system; (b) violations of isolation of the random incentive system; and (c) strategic behavior for adaptive experiments. Using Prince we shed new light on willingness to accept, subjective probabilities and utilities, and risk and ambiguity attitudes. Not only did we avoid any deception of subjects in our experiment, but, moreover, every subject could verify so during the experiment. In a comparative experiment, Prince outperforms a classical preference measurement. |
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| responsibles | Le Lec, Laslier |
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