Randomization devices and the elicitation of ambiguity-averse preferences

摘要

In random incentive mechanisms agents choose from multiple problems and a randomization device selects a single problem to determine payment. Agents are assumed to act as if they faced each problem on its own. While this approach is valid when agents are expected utility maximizers, ambiguity-averse agents may use the randomization device to hedge and thereby contaminate the data. (C) 2015 Elsevier Inc. All rights reserved.