Review of Economic Studies Vol. 76 No. 4 2009
A Truth Serum for Non-Bayesians: Correcting Proper Scoring Rules for Risk Attitudes
open access
Abstract
Proper scoring rules provide convenient and highly efficient tools for incentive-compatible elicitations of subjective beliefs. As traditionally used, however, they are valid only under expected value maximization. This paper shows how they can be generalized to modern (“non-expected utility”) theories of risk and ambiguity, yielding mutual benefits: users of scoring rules can benefit from the empirical realism of non-expected utility, and analysts of ambiguity attitudes can benefit from efficient measurements using proper scoring rules. An experiment demonstrates the feasibility of our generalization.
- DOI
- 10.1111/j.1467-937x.2009.00557.x
- Volume
- 76
- Issue
- 4
- Pages
- 1461-1489
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref