@article{552ec6038d60440ba0e98a4357f2dc5b,
title = "Multiple-switching behavior in choice-list elicitation of risk preference",
abstract = "This study examines multiple-switching behavior (MSB) in choice-list elicitation of risk preference from the perspectives of stochastic choice. We distinguish between “regular” and “irregular” MSB, and find that subjects with more irregular MSB are more likely to violate first-order stochastic dominance. In contrast, subjects with more regular MSB are more likely to concurrently exhibit non-expected utility behavior and reduce compound lottery, and to deliberately randomize in repeated choice. Our results suggest the need to diagnose the quality of MSB when applying choice-list elicitations, and distinguish stochastic choice models including random utility and deliberate randomization.",
keywords = "Choice list, Deliberate randomization, Experiment, Random utility, Risk preference, Stochastic choice",
author = "Chew, {Soo Hong} and Bin Miao and Qiang Shen and Songfa Zhong",
note = "Funding Information: We would like to thank the audiences at China DTEA, CUHK, HKBU, and PKU for their stimulating discussions and valuable comments. We thank the editor and the referees for comments that greatly improved the paper. We are grateful to David Freeman, Yoram Halevy, Collin Raymond, Jianying Qiu, WooYoung Lim for their helpful comments and suggestions and to Jingling Huang of her excellent assistance for data collection. Miao acknowledges the support of NSFC (No. 71922014). Shen acknowledges the support of NSFC (No. 71971199, No. 71942004). Chew acknowledges the support of NSFC (No. 72033006) and Guanghua Talent Project of SWUFE. Miao is also supported by Beijing Social Science Fund Project (21DTR007). All authors have contributed equally. Funding Information: We would like to thank the audiences at China DTEA, CUHK, HKBU, and PKU for their stimulating discussions and valuable comments. We thank the editor and the referees for comments that greatly improved the paper. We are grateful to David Freeman, Yoram Halevy, Collin Raymond, Jianying Qiu, WooYoung Lim for their helpful comments and suggestions and to Jingling Huang of her excellent assistance for data collection. Miao acknowledges the support of NSFC (No. 71922014 ). Shen acknowledges the support of NSFC (No. 71971199 , No. 71942004 ). Chew acknowledges the support of NSFC (No. 72033006 ) and Guanghua Talent Project of SWUFE. Miao is also supported by Beijing Social Science Fund Project ( 21DTR007 ). All authors have contributed equally. Publisher Copyright: {\textcopyright} 2022 Elsevier Inc.",
year = "2022",
month = sep,
doi = "10.1016/j.jet.2022.105510",
language = "English (US)",
volume = "204",
journal = "Journal of Economic Theory",
issn = "0022-0531",
publisher = "Academic Press Inc.",
}