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A case of framing effects : the elicitation of time preferences

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Manzini_EconDisPap_1405.pdf (2.208Mb)
Date
21/07/2014
Author
Manzini, Paola
Mariotti, Marco
Keywords
Time preferences
Elicitation methods
BDM
Auctions
MPL
HB Economic Theory
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Abstract
We compare three methods for the elicitation of time preferences in an experimental setting: the Becker-DeGroot-Marschak procedure (BDM); the second price auction; and the multiple price list format. The first two methods have been used rarely to elicit time preferences. All methods used are perfectly equivalent from a decision theoretic point of view, and they should induce the same `truthful' revelation i dominant strategies. In spite of this, we find that framing does matter: the money discount rates elicited with the multiple price list tend to be higher than those elicited with the other two methods. In addition, our results shed some light on attitudes towards time, and they permit a broad classification of subjects depending on how the size of the elicited values varies with the time horizon.
Citation
Manzini , P & Mariotti , M 2014 ' A case of framing effects : the elicitation of time preferences ' School of Economics & Finance Discussion Paper , no. 1405 , University of St Andrews , St Andrews , pp. 1-48 .
Publication
 
ISSN
0962-4031
Type
Working or discussion paper
Rights
(c) The author 2014
Collections
  • University of St Andrews Research
URL
http://ideas.repec.org/p/san/wpecon/1405.html
URI
http://hdl.handle.net/10023/7773

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