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Using a laboratory experiment, we investigate the validity of stated risks elicited via the Exchangeability Method (EM) using an evaluation method based on de Finetti’s notion of coherence, under which probability estimates are valid if and only if they obey all axioms of probability theory....
Persistent link: https://www.econbiz.de/10010880262
The validity of risk estimates elicited through the Exchangeability Method (EM) has been theoretically questioned because the use of chained questions may undermine the incentive compatibility of the game even when subjects are rewarded with real monetary incentives. In this paper, we examine...
Persistent link: https://www.econbiz.de/10010914761
Using a laboratory experiment, we investigate the validity of stated risks elicited via the Exchangeability Method (EM) by defining a valuation method based on de Finetti’s notion of coherence. The reliability of risk estimates elicited through the EM has been theoretically questioned because...
Persistent link: https://www.econbiz.de/10009370939
Using a laboratory experiment, we investigate whether incentive compatibility affects subjective probabilities elicited via the exchangeability method (EM), an elicitation technique consisting of several chained questions. We hypothesize that subjects who are aware of the chaining strategically...
Persistent link: https://www.econbiz.de/10010594583
Persistent link: https://www.econbiz.de/10009326305
Subjective risks of having contaminated apples elicited via the Exchangeability Method (EM) are examined in this study. In particular, as the experimental design allows us to investigate the validity of elicited risk measures, we examine the magnitude of differences between valid and invalid...
Persistent link: https://www.econbiz.de/10010682427
In choice experiment (CE) applications, subjects are typically assumed to fully accept information given in the status quo (SQ) alternative, however, subjects might adjust such information on the basis of their subjective beliefs. This phenomenon is known as scenario adjustment. By using a CE...
Persistent link: https://www.econbiz.de/10010910351
Risks are an essential feature of future climate change impacts. We explore whether knowledge that climate change might be the source of increasing pine beetle impacts on public or private forests affects stated risk estimates of damage, elicited using the exchangeability method. We find that...
Persistent link: https://www.econbiz.de/10010869400
The investigation of hypothetical bias in choice experiments (CEs) has typically been conducted in the laboratory with only minimal field experiments. Moreover, it is common practice to provide an initial endowment (money or coupons) to respondents. In this research, we employed a...
Persistent link: https://www.econbiz.de/10010728007
The European COST Action E45 on European Forest Externalities (EUROFOREX) participants developed a set of good practice guidelines for the non-market valuation of forests, elaborating on stated and revealed preference methodologies, as well as benefit transfer and meta-analytical procedures....
Persistent link: https://www.econbiz.de/10011047933