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Simple bets to elicit private signals

Author

Listed:
  • Aurélien Baillon

    (Erasmus University Rotterdam)

  • Yan Xu

    (Universität Wien = University of Vienna)

Abstract

This paper introduces two simple betting mechanisms, Top-Flop and Threshold betting, to elicit unverifiable information from crowds. Agents are offered bets on the rating of an item about which they received a private signal versus that of a random item. We characterize conditions for the chosen bet to reveal the agents' private signal even if the underlying ratings are biased. We further provide micro-economic foundations of the ratings, which are endogenously determined by the actions of other agents in a game setting. Our mechanisms relax standard assumptions of the literature, such as common prior, and homogeneous and risk neutral agents.

Suggested Citation

  • Aurélien Baillon & Yan Xu, 2021. "Simple bets to elicit private signals," Post-Print hal-04325606, HAL.
    • Handle: RePEc:hal:journl:hal-04325606
    DOI: 10.3982/TE4343
    Note: View the original document on HAL open archive server: https://hal.science/hal-04325606v1
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    Cited by:

    1. Dirk Bergemann & Marco Ottaviani, 2021. "Information Markets and Nonmarkets," Cowles Foundation Discussion Papers 2296, Cowles Foundation for Research in Economics, Yale University.
    2. Carina Oedingen & Raf Gestel & Samare P. I. Huls & Georg Granic & Esther W. Bekker-Grob & Jorien Veldwijk, 2025. "Association of medication adherence with treatment preferences: incentivizing truthful self-reporting," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 26(7), pages 1219-1232, September.
    3. Ewa Zawojska & Michał Krawczyk, 2022. "Incentivizing stated preference elicitation with choice-matching in the field," Working Papers 2022-04, Faculty of Economic Sciences, University of Warsaw.

    More about this item

    Keywords

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    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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