Premium
Eliciting probabilistic expectations with visual aids in developing countries: how sensitive are answers to variations in elicitation design?
Author(s) -
Delavande Adeline,
Giné Xavier,
McKenzie David
Publication year - 2011
Publication title -
journal of applied econometrics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.878
H-Index - 99
eISSN - 1099-1255
pISSN - 0883-7252
DOI - 10.1002/jae.1233
Subject(s) - robustness (evolution) , probabilistic logic , computer science , developing country , econometrics , artificial intelligence , machine learning , statistics , mathematics , economics , biology , biochemistry , gene , economic growth
Eliciting subjective probability distributions in developing countries is often based on visual aids such as beans to represent probabilities and intervals on a sheet of paper to represent the support. We conduct an experiment in India which tests the sensitivity of elicited expectations to variations in three facets of the elicitation methodology: the number of beans, the design of the support (predetermined or self‐anchored), and the ordering of questions. Our results show remarkable robustness to variations in elicitation design. Nevertheless, the added precision offered by using more beans and a larger number of intervals with a predetermined support improves accuracy. Copyright © 2011 John Wiley & Sons, Ltd.