Journal article
Controlling Preferences for Lotteries on Units of Experimental Exchange
The Quarterly journal of economics, Vol.101(2), pp.281-306
05/01/1986
DOI: 10.2307/1891116
Abstract
In an experimental setting when outcomes are stochastically related to actions, predictions of equilibrium behavior depend not only on the participants' preference orderings of outcomes, but also on their orderings of lotteries on outcomes as well. We introduce and test a reward structure that can be utilized in any experimental setting to allow the experimenter to decree beforehand the subjects' preferences for lotteries on experimental outcomes. We show analytically that the proposed reward structure can induce subjects to behave as if they have the decreed preference function defined on experimental outcomes. Empirical tests using two different choice settings provide evidence to support this ability to control preferences.
Details
- Title: Subtitle
- Controlling Preferences for Lotteries on Units of Experimental Exchange
- Creators
- Joyce E. Berg - University of MinnesotaLane A. Daley - University of MinnesotaJohn W. Dickhaut - University of MinnesotaJohn R. O'Brien - Carnegie Mellon University
- Resource Type
- Journal article
- Publication Details
- The Quarterly journal of economics, Vol.101(2), pp.281-306
- DOI
- 10.2307/1891116
- ISSN
- 0033-5533
- eISSN
- 1531-4650
- Publisher
- MIT Press
- Number of pages
- 26
- Language
- English
- Date published
- 05/01/1986
- Academic Unit
- Accounting
- Record Identifier
- 9984962890402771
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