On the role of monetary incentives in risk preference elicitation experiments

Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects’ “true preferences....

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Autores principales: Hackethal, Andreas, Kirchler, Michael, Laudenbach, Christine, Razen, Michael, Weber, Annika
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer US 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10023624/
https://www.ncbi.nlm.nih.gov/pubmed/36945231
http://dx.doi.org/10.1007/s11166-022-09377-w
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author Hackethal, Andreas
Kirchler, Michael
Laudenbach, Christine
Razen, Michael
Weber, Annika
author_facet Hackethal, Andreas
Kirchler, Michael
Laudenbach, Christine
Razen, Michael
Weber, Annika
author_sort Hackethal, Andreas
collection PubMed
description Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects’ “true preferences.” Using a systematic, large-sample approach with three subject pools of private investors, professional investors, and students, we test the effect of task-related monetary incentives on risk preferences in four standard experimental tasks. We find no significant differences in behavior between and within subjects in the incentivized and non-incentivized regimes. We discuss implications for academic research and forions in the field. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s11166-022-09377-w.
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spelling pubmed-100236242023-03-19 On the role of monetary incentives in risk preference elicitation experiments Hackethal, Andreas Kirchler, Michael Laudenbach, Christine Razen, Michael Weber, Annika J Risk Uncertain Article Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects’ “true preferences.” Using a systematic, large-sample approach with three subject pools of private investors, professional investors, and students, we test the effect of task-related monetary incentives on risk preferences in four standard experimental tasks. We find no significant differences in behavior between and within subjects in the incentivized and non-incentivized regimes. We discuss implications for academic research and forions in the field. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s11166-022-09377-w. Springer US 2022-04-20 2023 /pmc/articles/PMC10023624/ /pubmed/36945231 http://dx.doi.org/10.1007/s11166-022-09377-w Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Article
Hackethal, Andreas
Kirchler, Michael
Laudenbach, Christine
Razen, Michael
Weber, Annika
On the role of monetary incentives in risk preference elicitation experiments
title On the role of monetary incentives in risk preference elicitation experiments
title_full On the role of monetary incentives in risk preference elicitation experiments
title_fullStr On the role of monetary incentives in risk preference elicitation experiments
title_full_unstemmed On the role of monetary incentives in risk preference elicitation experiments
title_short On the role of monetary incentives in risk preference elicitation experiments
title_sort on the role of monetary incentives in risk preference elicitation experiments
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10023624/
https://www.ncbi.nlm.nih.gov/pubmed/36945231
http://dx.doi.org/10.1007/s11166-022-09377-w
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