By Baruch Fischhoff, Charles F. Manski
Economists and psychologists have, as a rule, exhibited sharply diverse views at the elicitation of personal tastes. Economists, who've made choice the valuable primitive of their considering human habit, have for the main half rejected elicitation and feature as a substitute sought to deduce personal tastes from observations of selection habit. Psychologists, who've tended to consider choice as a context-determined subjective build, have embraced elicitation as their dominant method of dimension.
This quantity, in response to a symposium equipped via Daniel McFadden on the college of California at Berkeley, presents a provocative and optimistic engagement among economists and psychologists at the elicitation of preferences.
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Extra resources for Elicitation of Preferences
Effects of Verbalization and Incentive on the Pupil Response to Mental Activity," Canadian Journal of Psychology 22, 186-196. , H. Levy, and A. Rapoport. (1988). "Experimental Tests of the Separation Theorem and the Capital Asset Pricing Model," American Economic Review 78, 500-519. , H. Levy, and A. Rapaport. (1988). "Experimental Tests of the Mean-Variance Model for Portfolio Selection," Organizational Behavior and Human Decision Processes 42, 388-410. , David Greene, and Richard E. Nisbett.
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Finally, we cannot end a casual review of this sort without several caveats. Our sampling of studies and classification of incentive levels, and effects, should certainly be done more carefully. Besides the usual problems of meta-analysis, comparing incentive effects across different experiments would benefit from putting all incentives on a single scale (say, 1997 dollars per choice) and tying response rates to incentive levels, perhaps with some kind of general stochastic choice function. There are many other questions about uses of financial incentives in experiments which our review does not address.