Notes and commentDoes probability weighting matter in probability elicitation?
Highlights
► We analyze the effects of differential weighting transformations in probability elicitation. ► Most elicited probabilities are insensitive to the shape and parameters of the weighting functions. ► Inconsistencies are observed with similar probabilities and extreme weighting functions.
Section snippets
Acknowledgments
This work was supported by the National Science Foundation under Award Number SES 06-20008.
We wish to thank Aurelien Baillon for identifying this problem, and Craig Fox, Richard Gonzalez, Peter Wakker, Thomas Wallsten, the Associate Editor and the anonymous referees for useful comments on an earlier version.
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