OTree: Ready-made apps for risk preference elicitation methods

Abstract

Since the emergence of experimental methods in economics, a variety of methodologies to elicit and classify individual-level risk preferences have evolved. This paper presents ready-to-use software applications for widely used choice list methodologies for use with oTree, including (i) multiple price lists, (ii) certainty equivalent tests, (iii) staircase methods, and (iv) single choice lists. The parameterization and configuration of different features of a task are administered by specifying predefined variables in a single, thoroughly documented file. All apps feature responsive graphical designs, are prepared for multilingual use, and include predefined “bots” for automated testing. By this means, each task can be implemented in the laboratory, the field, or online within only a few minutes.