Year: 2023
Type: preprint
Abstract: This paper studies how to accurately elicit quality for alternatives with multiple attributes. Two multiple price lists (MPLs) are considered: (i) m-MPL which asks subjects to compare an alternative to money, and (ii) p-MPL where subjects are endowed with money and asked whether they would like to buy an alternative or not. Theoretical results show that m-MPL requires fewer assumptions for accurate quality elicitation compared to p-MPL. Experimental evidence from a within-subject experiment using consumer products shows that switch points between the two MPLs are different, which suggests that quality measures are sensitive to the elicitation method.
Source: arXiv (Cornell University)
Author: Im, Changkuk
Institutions: Washington University in St. Louis, The Ohio State University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W4386435794