Belief Elicitation When More Than Money Matters: Controlling for “Control”
Incentive compatible mechanisms for eliciting beliefs typically presume that the utilty of money is state independent, or that money is the only argument in utility functions. However, subjects may have non-monetary objectives that confound the mechanisms. In particular, psychologists have argued th...
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| Otros Autores: | |
| Formato: | report |
| Lenguaje: | inglés |
| Publicado: |
2020
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| Acceso en línea: | https://hdl.handle.net/20.500.12806/2747 |
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Sin Etiquetas, Sea el primero en etiquetar este registro!
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| _version_ | 1868890166346645504 |
|---|---|
| author | Benoît, Jean-Pierre |
| author2 | Dubra, Juan |
| author2_role | author |
| author_browse | Benoît, Jean-Pierre Dubra, Juan |
| author_facet | Benoît, Jean-Pierre Dubra, Juan |
| author_role | author |
| collection | REDUM |
| dc.creator.none.fl_str_mv | Benoît, Jean-Pierre Dubra, Juan |
| dc.date.none.fl_str_mv | 2020 2025-09-11T14:25:59Z 2025-09-11T14:25:59Z |
| dc.format.none.fl_str_mv | 65 text/plain |
| dc.identifier.none.fl_str_mv | https://hdl.handle.net/20.500.12806/2747 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía |
| dc.rights.none.fl_str_mv | Abierto info:eu-repo/semantics/openAccess Attribution-NonCommercial-NoDerivatives 4.0 Internacional http://creativecommons.org/licenses/by-nc-nd/4.0/ |
| dc.source.none.fl_str_mv | reponame:REDUM instname:Universidad de Montevideo instacron:Universidad de Montevideo |
| dc.subject.none.fl_str_mv | Elicitation Overconfidence Control Experimental Methods |
| dc.title.none.fl_str_mv | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| dc.type.none.fl_str_mv | Reporte técnico info:eu-repo/semantics/report Aceptada info:eu-repo/semantics/acceptedVersion |
| description | Incentive compatible mechanisms for eliciting beliefs typically presume that the utilty of money is state independent, or that money is the only argument in utility functions. However, subjects may have non-monetary objectives that confound the mechanisms. In particular, psychologists have argued that people favour bets where their ability is involved over equivalent random bets -a so-called preference for control. We propose a new belief elicitation method that mitigates the control preference. Using this method, we determine that under the ostensibly incentive compatible matching probabilities method, our subjects report self-beliefs 18% higher than their true beliefs in order to increase control. Non-monetary objectives account for at least 68% of what would normally be measured as overconfidence. Our mechanism can be used to yield better measurements of beliefs in contexts beyond the study of overconfidence. Our paper also contributes to a refined understanding of control. We find that control manifests itself only as a desire for betting on doing well; betting on doing badly is perceived as a negative. |
| eu_rights_str_mv | openAccess |
| format | report |
| id | anni_b05f5e516ec4d158e2f93baf070fe0e5 |
| instacron_str | Universidad de Montevideo |
| institution | Universidad de Montevideo |
| instname_str | Universidad de Montevideo |
| language | eng |
| network_acronym_str | anni |
| network_name_str | oai-lr-anni |
| oai_identifier_str | oai:redum.um.edu.uy:20.500.12806/2747 |
| publishDate | 2020 |
| publishDateSort | 2020 |
| publisher.none.fl_str_mv | Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía |
| reponame_str | REDUM |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | Abierto Attribution-NonCommercial-NoDerivatives 4.0 Internacional http://creativecommons.org/licenses/by-nc-nd/4.0/ |
| spelling | Belief Elicitation When More Than Money Matters: Controlling for “Control”Benoît, Jean-PierreDubra, JuanElicitationOverconfidenceControlExperimental MethodsIncentive compatible mechanisms for eliciting beliefs typically presume that the utilty of money is state independent, or that money is the only argument in utility functions. However, subjects may have non-monetary objectives that confound the mechanisms. In particular, psychologists have argued that people favour bets where their ability is involved over equivalent random bets -a so-called preference for control. We propose a new belief elicitation method that mitigates the control preference. Using this method, we determine that under the ostensibly incentive compatible matching probabilities method, our subjects report self-beliefs 18% higher than their true beliefs in order to increase control. Non-monetary objectives account for at least 68% of what would normally be measured as overconfidence. Our mechanism can be used to yield better measurements of beliefs in contexts beyond the study of overconfidence. Our paper also contributes to a refined understanding of control. We find that control manifests itself only as a desire for betting on doing well; betting on doing badly is perceived as a negative.Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía2025-09-11T14:25:59Z2025-09-11T14:25:59Z2020Reporte técnicoinfo:eu-repo/semantics/reportAceptadainfo:eu-repo/semantics/acceptedVersion65text/plainhttps://hdl.handle.net/20.500.12806/2747reponame:REDUMinstname:Universidad de Montevideoinstacron:Universidad de MontevideoengAbiertoinfo:eu-repo/semantics/openAccessAttribution-NonCommercial-NoDerivatives 4.0 Internacionalhttp://creativecommons.org/licenses/by-nc-nd/4.0/oai:redum.um.edu.uy:20.500.12806/27472026-06-16T07:01:54Z |
| spellingShingle | Belief Elicitation When More Than Money Matters: Controlling for “Control” Benoît, Jean-Pierre Elicitation Overconfidence Control Experimental Methods |
| status_str | acceptedVersion |
| title | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| title_full | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| title_fullStr | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| title_full_unstemmed | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| title_short | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| title_sort | Belief Elicitation When More Than Money Matters: Controlling for “Control” |
| topic | Elicitation Overconfidence Control Experimental Methods |
| url | https://hdl.handle.net/20.500.12806/2747 |