Eliciting risk preferences using choice lists

David J. Freeman, Yoram Halevy, Terri Kneeland

Research output: Contribution to journalArticlepeer-review

23 Scopus citations


We study the effect of embedding pairwise choices between lotteries within a choice list on measured risk attitude. Using an experiment with online workers, we find that subjects choose the risky lottery rather than a sure payment significantly more often when responding to a choice list. This behavior can be rationalized by the interaction between nonexpected utility and the random incentive system, as suggested by Karni and Safra ().

Original languageAmerican English
Pages (from-to)217-237
Number of pages21
JournalQuantitative Economics
Issue number1
StatePublished - Jan 2019
Externally publishedYes

Bibliographical note

Publisher Copyright:
Copyright © 2019 The Authors.


  • C90
  • C91
  • D81
  • D90
  • Random incentive system
  • certainty effect
  • independence axiom
  • isolation
  • multiple price list
  • preference reversals
  • reduction of compound lotteries


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