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Verfasst von:Schmidt, Robert J. [VerfasserIn]   i
Titel:Capitalizing on the (false) consensus effect
Titelzusatz:two tractable methods to elicit private information
Verf.angabe:Robert J. Schmidt
Verlagsort:University of Heidelberg, Department of Economics
E-Jahr:2019
Jahr:September 2019
Umfang:1 Online-Ressource (circa 36 Seiten)
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Gesamttitel/Reihe:Discussion paper series / University of Heidelberg, Department of Economics ; no. 669
Abstract:We propose and experimentally test two tractable methods to incentivize the elicitation of private information: Benchmark and Coordination. Both mechanisms capitalize on the false consensus effect, a well-documented phenomenon that follows Bayesian reasoning. That is, individuals use their own type when predicting the type of others. Since it is not feasible to incentivize the elicitation of private information using facts, when these are not verifiable, we incentivize the respondent to reveal her perceptions about others and use that statement to predict the subject's private information. The stronger the relationship between a subject's type and her perception about the type of others, the more effective the mechanisms are in revealing the subject's privately held information. In an experiment, we apply the mechanisms to reveal beliefs about probabilities. On the aggregate level, both mechanisms accurately reveal mean first-order beliefs of the population. On the subject level, the modal difference between probabilities elicited in either mechanism and actual first-order beliefs is zero. The results indicate that subjects strongly anchor their statements in Benchmark and Coordination on their private information.
DOI:doi:10.11588/heidok.00027176
URL:kostenfrei: Resolving-System: https://doi.org/10.11588/heidok.00027176
 kostenfrei: Verlag: http://archiv.ub.uni-heidelberg.de/volltextserver/27176/1/Schmidt_2019_dp669.pdf
 kostenfrei: Resolving-System: http://hdl.handle.net/10419/207645
 kostenfrei: Volltext: https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-271767
 DOI: https://doi.org/10.11588/heidok.00027176
 10419/207645
URN:urn:nbn:de:bsz:16-heidok-271767
Datenträger:Online-Ressource
Sprache:eng
Bibliogr. Hinweis:Forschungsdaten: Schmidt, Robert J., 1990 - : Capitalizing on the (false) consensus effect
Sach-SW:private information
 false consensus effect
 surveys
 crowd wisdom
 beliefs
Form-SW:Graue Literatur
K10plus-PPN:1677966718
Verknüpfungen:→ Übergeordnete Aufnahme
 
 
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