Download This PaperFast and Simple Adaptive Elicitations
40 Pages Posted: 5 May 2020 Last revised: 11 Apr 2025
Date Written: April 05, 2025
Abstract
We propose a new Fast and Simple Elicitation procedure (FSE) for the measurement of decision models. Our procedure bounds the function of the decision model, iteratively halves the maximal distance between the bounds, and incrementally restricts the feasible space of associated parameters. It requires no distributional assumptions and relies on linear programming and approximating splines, improving tractability and descriptiveness.
We apply FSE to elicit the probability weighting function in a simulation and two experiments. Our results demonstrate FSE's ability to (i) faithfully recover the underlying functions, (ii) replicate empirical regularities, and (iii) better reflect and predict participants' choices compared to alternative elicitation procedures. In addition, our results shed new light on the impact of standard functional forms and of elicitation techniques on the estimation of possibility and certainty effects.
Keywords: elicitations, probability weighting function, Rank-Dependent Utility, response errors
JEL Classification: C1
Suggested Citation: Suggested Citation
Bertani, Nicolò and Boukhatem, Abdellah and Diecidue, Enrico and Perny, Patrice and Viappiani, Paolo, Fast and Simple Adaptive Elicitations (April 05, 2025). Available at SSRN: https://ssrn.com/abstract=3569625 or http://dx.doi.org/10.2139/ssrn.3569625
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