Belief Elicitation When More Than Money Matters: Controlling for “Control”

Benoît, Jean-Pierre; Dubra, Juan

dc.rights.license	Attribution-NonCommercial-NoDerivatives 4.0 Internacional	*
dc.contributor.author	Benoît, Jean-Pierre
dc.contributor.author	Dubra, Juan
dc.date.accessioned	2025-09-11T14:25:59Z
dc.date.available	2025-09-11T14:25:59Z
dc.date.issued	2020	es
dc.identifier.uri	https://hdl.handle.net/20.500.12806/2747
dc.format.extent	65	es
dc.format.mimetype	text/plain	es
dc.language	eng	es
dc.publisher	Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía	es
dc.rights	Abierto	es
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.title	Belief Elicitation When More Than Money Matters: Controlling for “Control”	es
dc.type	Reporte técnico	es
dc.type.version	Aceptada	es
dc.description.abstractenglish	Incentive compatible mechanisms for eliciting beliefs typically presume that the utilty of money is state independent, or that money is the only argument in utility functions. However, subjects may have non-monetary objectives that confound the mechanisms. In particular, psychologists have argued that people favour bets where their ability is involved over equivalent random bets -a so-called preference for control. We propose a new belief elicitation method that mitigates the control preference. Using this method, we determine that under the ostensibly incentive compatible matching probabilities method, our subjects report self-beliefs 18% higher than their true beliefs in order to increase control. Non-monetary objectives account for at least 68% of what would normally be measured as overconfidence. Our mechanism can be used to yield better measurements of beliefs in contexts beyond the study of overconfidence. Our paper also contributes to a refined understanding of control. We find that control manifests itself only as a desire for betting on doing well; betting on doing badly is perceived as a negative.	es
dc.subject.keyword	Elicitation	es
dc.subject.keyword	Overconfidence	es
dc.subject.keyword	Control	es
dc.subject.keyword	Experimental Methods	es

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