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Visual formats in risk preference elicitation: What catches the eye?

Michelle S. Segovia et al.

Journal of Risk and Uncertainty2025https://doi.org/10.1007/s11166-025-09455-9article
AJG 3ABDC A*
Weight
0.41

Abstract

We explore the effect of lottery presentation formats on elicitation of risk preferences using a popular probability varying task (Holt & Laury. The American Economic Review 92 (5), 1644–1655. 2002) and a payoff-varying task (Drichoutis & Lusk. Journal of Risk and Uncertainty 53 (2), 89–106. 2016). The presentation formats use horizontal bars that vary either the width or height of the bars (or both at the same time) to help subjects in judging how large or small probabilities and monetary amounts are in a given choice set. These graphical formats are compared to a text only format. We complement our choice data with eye tracking data that enriches our structural models with additional information regarding how visual attention varies with the presented information. While we find no statistically significant effects of presentation formats on elicited parameters for risk preferences, we find that eye tracking information not only is associated with preference parameters, but it also changes the inferences with respect to which decision theory better fits the choice data.

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https://doi.org/https://doi.org/10.1007/s11166-025-09455-9

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@article{michelle2025,
  title        = {{Visual formats in risk preference elicitation: What catches the eye?}},
  author       = {Michelle S. Segovia et al.},
  journal      = {Journal of Risk and Uncertainty},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1007/s11166-025-09455-9},
}

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Visual formats in risk preference elicitation: What catches the eye?

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Evidence weight

0.41

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.25 × 0.4 = 0.10
M · momentum0.55 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.