Measuring and controlling for the compromise effect when estimating risk preference parameters
Abstract
The compromise effect arises when being close to the "middle" of a choice set makes an option more appealing. The compromise effect poses conceptual and practical problems for economic research: by influencing choices, it can bias researchers' inferences about preference parameters. To study this bias, we conduct an experiment with 550 participants who made choices over lotteries from multiple price lists (MPLs). Following prior work, we...
Paper Details
Title
Measuring and controlling for the compromise effect when estimating risk preference parameters
Published Date
Dec 23, 2019
Journal
Volume
23
Issue
4
Pages
1069 - 1099
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