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On the role of monetary incentives in risk preference elicitation experiments.

ABSTRACT: 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.

SUBMITTER: Hackethal A

PROVIDER: S-EPMC10023624 | biostudies-literature | 2023

REPOSITORIES: biostudies-literature

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On the role of monetary incentives in risk preference elicitation experiments.

Hackethal Andreas A Kirchler Michael M Laudenbach Christine C Razen Michael M Weber Annika A

Journal of risk and uncertainty 20220420 2

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 preferen ...[more]

PMID: 36945231

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