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A penny for your thoughts: a survey of methods for eliciting beliefs

Published online by Cambridge University Press:  14 March 2025

Karl H. Schlag ,
James Tremewan  and
Joël J. van der Weele
Karl H. Schlag*
Affiliation:
University of Vienna, Vienna, Austria
James Tremewan*
Affiliation:
University of Vienna, Vienna, Austria
Joël J. van der Weele*
Affiliation:
Department of Economics, Center for Experimental Economics and political Decision making (CREED), University of Amsterdam, Roeterstraat 11, 1018WB Amsterdam, The Netherlands Tinbergen Institute, Amsterdam, The Netherlands Center for Financial Studies, Frankfurt, Germany
*
karl.schlag@univie.ac.at
james.tremewan@univie.ac.at
vdweele@uva.nl; dweele@uva.nl
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Abstract

Incentivized methods for eliciting subjective probabilities in economic experiments present the subject with risky choices that encourage truthful reporting. We discuss the most prominent elicitation methods and their underlying assumptions, provide theoretical comparisons and give a new justification for the quadratic scoring rule. On the empirical side, we survey the performance of these elicitation methods in actual experiments, considering also practical issues of implementation such as order effects, hedging, and different ways of presenting probabilities and payment schemes to experimental subjects. We end with a discussion of the trade-offs involved in using incentives for belief elicitation and some guidelines for implementation.

Keywords

Belief elicitationSubjective beliefsScoring rulesExperimental design

JEL classification

C91: Laboratory, Individual Behavior D83: Search • Learning • Information and Knowledge • Communication • Belief • Unawareness C83: Survey Methods • Sampling Methods

Information

Type
Original Paper
Information
Experimental Economics , Volume 18 , Issue 3 , September 2015 , pp. 457 - 490
Copyright
Copyright © 2014 Economic Science Association

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