IDEAS home Printed from https://ideas.repec.org/a/kap/jrisku/v44y2012i2p161-180.html
   My bibliography  Save this article

Belief elicitation in the presence of naïve respondents: An experimental study

Author

Listed:
  • Li Hao
  • Daniel Houser

Abstract

No abstract is available for this item.

Suggested Citation

  • Li Hao & Daniel Houser, 2012. "Belief elicitation in the presence of naïve respondents: An experimental study," Journal of Risk and Uncertainty, Springer, vol. 44(2), pages 161-180, April.
    • Handle: RePEc:kap:jrisku:v:44:y:2012:i:2:p:161-180
    DOI: 10.1007/s11166-011-9133-1
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11166-011-9133-1
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11166-011-9133-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. DavidJ. Cooper & Hanming Fang, 2008. "Understanding Overbidding In Second Price Auctions: An Experimental Study," Economic Journal, Royal Economic Society, vol. 118(532), pages 1572-1595, October.
    2. Steffen Andersen & John Fountain & Glenn Harrison & E. Rutström, 2014. "Estimating subjective probabilities," Journal of Risk and Uncertainty, Springer, vol. 48(3), pages 207-229, June.
    3. Kagel, John H. & Levin, Dan, 2009. "Implementing efficient multi-object auction institutions: An experimental study of the performance of boundedly rational agents," Games and Economic Behavior, Elsevier, vol. 66(1), pages 221-237, May.
    4. Markus M. Möbius & Muriel Niederle & Paul Niehaus & Tanya S. Rosenblat, 2022. "Managing Self-Confidence: Theory and Experimental Evidence," Management Science, INFORMS, vol. 68(11), pages 7793-7817, November.
    5. Daniel Houser & Michael Keane & Kevin McCabe, 2004. "Behavior in a Dynamic Decision Problem: An Analysis of Experimental Evidence Using a Bayesian Type Classification Algorithm," Econometrica, Econometric Society, vol. 72(3), pages 781-822, May.
    6. Caplin, Andrew & Schotter, Andrew, 2008. "The Foundations of Positive and Normative Economics: A Handbook," OUP Catalogue, Oxford University Press, number 9780195328318.
    7. Holt, Charles A. & Smith, Angela M., 2009. "An update on Bayesian updating," Journal of Economic Behavior & Organization, Elsevier, vol. 69(2), pages 125-134, February.
    8. Theo Offerman & Joep Sonnemans & Gijs Van De Kuilen & Peter P. Wakker, 2009. "A Truth Serum for Non-Bayesians: Correcting Proper Scoring Rules for Risk Attitudes ," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 76(4), pages 1461-1489.
    9. Steffen Andersen & Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2008. "Eliciting Risk and Time Preferences," Econometrica, Econometric Society, vol. 76(3), pages 583-618, May.
    10. Charness, Gary & Karni, Edi & Levin, Dan, 2010. "On the conjunction fallacy in probability judgment: New experimental evidence regarding Linda," Games and Economic Behavior, Elsevier, vol. 68(2), pages 551-556, March.
    11. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Jürgen Schupp & Gert G. Wagner, 2011. "Individual Risk Attitudes: Measurement, Determinants, And Behavioral Consequences," Journal of the European Economic Association, European Economic Association, vol. 9(3), pages 522-550, June.
    12. Edi Karni, 2009. "A Mechanism for Eliciting Probabilities," Econometrica, Econometric Society, vol. 77(2), pages 603-606, March.
    13. Tanjim Hossain & Ryo Okui, 2013. "The Binarized Scoring Rule," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(3), pages 984-1001.
    14. Charles Bellemare & Sabine Kröger & Arthur van Soest, 2008. "Measuring Inequity Aversion in a Heterogeneous Population Using Experimental Decisions and Subjective Probabilities," Econometrica, Econometric Society, vol. 76(4), pages 815-839, July.
    15. Charles F. Manski, 2004. "Measuring Expectations," Econometrica, Econometric Society, vol. 72(5), pages 1329-1376, September.
    16. Franklin Allen, 1987. "Notes--Discovering Personal Probabilities When Utility Functions are Unknown," Management Science, INFORMS, vol. 33(4), pages 542-544, April.
    17. Palfrey, Thomas R. & Wang, Stephanie W., 2009. "On eliciting beliefs in strategic games," Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 98-109, August.
    18. Kagel, John H & Harstad, Ronald M & Levin, Dan, 1987. "Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study," Econometrica, Econometric Society, vol. 55(6), pages 1275-1304, November.
    19. Grether, David M., 1992. "Testing bayes rule and the representativeness heuristic: Some experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 31-57, January.
    20. Kagel, John H & Levin, Dan, 1993. "Independent Private Value Auctions: Bidder Behaviour in First-, Second- and Third-Price Auctions with Varying Numbers of Bidders," Economic Journal, Royal Economic Society, vol. 103(419), pages 868-879, July.
    21. Andreoni, James, 1995. "Cooperation in Public-Goods Experiments: Kindness or Confusion?," American Economic Review, American Economic Association, vol. 85(4), pages 891-904, September.
    22. Gary Charness & Edi Karni & Dan Levin, 2007. "Individual and group decision making under risk: An experimental study of Bayesian updating and violations of first-order stochastic dominance," Journal of Risk and Uncertainty, Springer, vol. 35(2), pages 129-148, October.
    23. Roth, Alvin E & Murnighan, J Keith, 1982. "The Role of Information in Bargaining: An Experimental Study," Econometrica, Econometric Society, vol. 50(5), pages 1123-1142, September.
    24. Jaffray, Jean-Yves & Karni, Edi, 1999. "Elicitation of Subjective Probabilities When the Initial Endowment is Unobservable," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 5-20, April.
    25. Yaw Nyarko & Andrew Schotter, 2002. "An Experimental Study of Belief Learning Using Elicited Beliefs," Econometrica, Econometric Society, vol. 70(3), pages 971-1005, May.
    26. Daniel Houser & Robert Kurzban, 2002. "Revisiting Kindness and Confusion in Public Goods Experiments," American Economic Review, American Economic Association, vol. 92(4), pages 1062-1069, September.
    27. McKelvey, Richard D & Page, Talbot, 1990. "Public and Private Information: An Experimental Study of Information Pooling," Econometrica, Econometric Society, vol. 58(6), pages 1321-1339, November.
    28. Karni, Edi, 1999. "Elicitation of Subjective Probabilities When Preferences Are State-Dependent," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 479-486, May.
    29. Garthwaite, Paul H. & Kadane, Joseph B. & O'Hagan, Anthony, 2005. "Statistical Methods for Eliciting Probability Distributions," Journal of the American Statistical Association, American Statistical Association, vol. 100, pages 680-701, June.
    30. Elizabeth Oltmans Ananat & Anna Gassman-Pines & Dania V. Francis & Christina M. Gibson-Davis, 2011. "Children Left Behind: The Effects of Statewide Job Loss on Student Achievement," NBER Working Papers 17104, National Bureau of Economic Research, Inc.
    31. Roth, Alvin E & Schoumaker, Francoise, 1983. "Expectations and Reputations in Bargaining: An Experimental Study," American Economic Review, American Economic Association, vol. 73(3), pages 362-372, June.
    32. Machina, Mark J & Schmeidler, David, 1992. "A More Robust Definition of Subjective Probability," Econometrica, Econometric Society, vol. 60(4), pages 745-780, July.
    33. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
    34. Ronald Harstad, 2000. "Dominant Strategy Adoption and Bidders' Experience with Pricing Rules," Experimental Economics, Springer;Economic Science Association, vol. 3(3), pages 261-280, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Karl Schlag & James Tremewan, 2021. "Simple belief elicitation: An experimental evaluation," Journal of Risk and Uncertainty, Springer, vol. 62(2), pages 137-155, April.
    2. Izhakian, Yehuda, 2020. "A theoretical foundation of ambiguity measurement," Journal of Economic Theory, Elsevier, vol. 187(C).
    3. Burdea, Valeria & Woon, Jonathan, 2022. "Online belief elicitation methods," Journal of Economic Psychology, Elsevier, vol. 90(C).
    4. Hao, Li & Houser, Daniel, 2017. "Perceptions, intentions, and cheating," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 52-73.
    5. Izhakian, Yehuda, 2017. "Expected utility with uncertain probabilities theory," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 91-103.
    6. Steffen Andersen & John Fountain & Glenn Harrison & E. Rutström, 2014. "Estimating subjective probabilities," Journal of Risk and Uncertainty, Springer, vol. 48(3), pages 207-229, June.
    7. Simone Quercia, 2016. "Eliciting and measuring betrayal aversion using the BDM mechanism," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 2(1), pages 48-59, May.
    8. Guillaume Hollard & Sébastien Massoni & Jean-Christophe Vergnaud, 2016. "In search of good probability assessors: an experimental comparison of elicitation rules for confidence judgments," Theory and Decision, Springer, vol. 80(3), pages 363-387, March.
    9. Ingrid Burfurd & Tom Wilkening, 2022. "Cognitive heterogeneity and complex belief elicitation," Experimental Economics, Springer;Economic Science Association, vol. 25(2), pages 557-592, April.
    10. Charness, Gary & Gneezy, Uri & Rasocha, Vlastimil, 2021. "Experimental methods: Eliciting beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 234-256.
    11. Ingrid Burfurd & Tom Wilkening, 2018. "Experimental guidance for eliciting beliefs with the Stochastic Becker–DeGroot–Marschak mechanism," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 4(1), pages 15-28, July.
    12. Brenner, Menachem & Izhakian, Yehuda, 2018. "Asset pricing and ambiguity: Empirical evidence⁎," Journal of Financial Economics, Elsevier, vol. 130(3), pages 503-531.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Karl Schlag & James Tremewan & Joël Weele, 2015. "A penny for your thoughts: a survey of methods for eliciting beliefs," Experimental Economics, Springer;Economic Science Association, vol. 18(3), pages 457-490, September.
    2. Armantier, Olivier & Treich, Nicolas, 2013. "Eliciting beliefs: Proper scoring rules, incentives, stakes and hedging," European Economic Review, Elsevier, vol. 62(C), pages 17-40.
    3. Steffen Andersen & John Fountain & Glenn Harrison & E. Rutström, 2014. "Estimating subjective probabilities," Journal of Risk and Uncertainty, Springer, vol. 48(3), pages 207-229, June.
    4. Harrison, Glenn W. & Martínez-Correa, Jimmy & Swarthout, J. Todd, 2014. "Eliciting subjective probabilities with binary lotteries," Journal of Economic Behavior & Organization, Elsevier, vol. 101(C), pages 128-140.
    5. Crosetto, Paolo & Filippin, Antonio & Katuščák, Peter & Smith, John, 2020. "Central tendency bias in belief elicitation," Journal of Economic Psychology, Elsevier, vol. 78(C).
    6. Charness, Gary & Gneezy, Uri & Rasocha, Vlastimil, 2021. "Experimental methods: Eliciting beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 189(C), pages 234-256.
    7. Guillaume Hollard & Sébastien Massoni & Jean-Christophe Vergnaud, 2016. "In search of good probability assessors: an experimental comparison of elicitation rules for confidence judgments," Theory and Decision, Springer, vol. 80(3), pages 363-387, March.
    8. Karl Schlag & James Tremewan & Joël Weele, 2015. "A penny for your thoughts: a survey of methods for eliciting beliefs," Experimental Economics, Springer;Economic Science Association, vol. 18(3), pages 457-490, September.
    9. Burdea, Valeria & Woon, Jonathan, 2022. "Online belief elicitation methods," Journal of Economic Psychology, Elsevier, vol. 90(C).
    10. Tsakas, Elias, 2018. "Robust scoring rules," Research Memorandum 023, Maastricht University, Graduate School of Business and Economics (GSBE).
    11. Markus Eyting & Patrick Schmidt, 2019. "Belief Elicitation with Multiple Point Predictions," Working Papers 1818, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 16 Nov 2020.
    12. Eyting, Markus & Schmidt, Patrick, 2021. "Belief elicitation with multiple point predictions," European Economic Review, Elsevier, vol. 135(C).
    13. Kai Barron, 2021. "Belief updating: does the ‘good-news, bad-news’ asymmetry extend to purely financial domains?," Experimental Economics, Springer;Economic Science Association, vol. 24(1), pages 31-58, March.
    14. Stefan T. Trautmann & Gijs Kuilen, 2015. "Belief Elicitation: A Horse Race among Truth Serums," Economic Journal, Royal Economic Society, vol. 125(589), pages 2116-2135, December.
    15. Guillaume Hollard & Sébastien Massoni & Jean-Christophe Vergnaud, 2010. "Subjective beliefs formation and elicitation rules: experimental evidence," Documents de travail du Centre d'Economie de la Sorbonne 10088, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    16. Folli, Dominik & Wolff, Irenaeus, 2022. "Biases in belief reports," Journal of Economic Psychology, Elsevier, vol. 88(C).
    17. Markus M. Möbius & Muriel Niederle & Paul Niehaus & Tanya S. Rosenblat, 2022. "Managing Self-Confidence: Theory and Experimental Evidence," Management Science, INFORMS, vol. 68(11), pages 7793-7817, November.
    18. Ingrid Burfurd & Tom Wilkening, 2022. "Cognitive heterogeneity and complex belief elicitation," Experimental Economics, Springer;Economic Science Association, vol. 25(2), pages 557-592, April.
    19. Theo Offerman & Asa B. Palley, 2016. "Lossed in translation: an off-the-shelf method to recover probabilistic beliefs from loss-averse agents," Experimental Economics, Springer;Economic Science Association, vol. 19(1), pages 1-30, March.
    20. Harrison, Glenn W. & Martínez-Correa, Jimmy & Swarthout, J. Todd & Ulm, Eric R., 2017. "Scoring rules for subjective probability distributions," Journal of Economic Behavior & Organization, Elsevier, vol. 134(C), pages 430-448.

    More about this item

    Keywords

    Belief elicitation; Declarative mechanism; Clock mechanism; Proper scoring rules; Laboratory experiment; C91;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jrisku:v:44:y:2012:i:2:p:161-180. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.