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Area of Science:

  • Behavioral Economics
  • Decision Theory
  • Experimental Psychology

Background:

  • Random incentive mechanisms are common in economic and psychological experiments.
  • These mechanisms are incentive-compatible only if responses to individual tasks are independent.
  • Independence is typically assumed under the independence axiom of expected utility theory or the isolation hypothesis of prospect theory.

Purpose of the Study:

  • To experimentally test the incentive compatibility of random incentive mechanisms in the context of choice under risk.
  • To investigate whether the isolation hypothesis holds in a simple choice under risk scenario.
  • To determine if risk behavior can be systematically manipulated within a random incentive mechanism.

Main Methods:

  • A baseline treatment was conducted with a single choice problem to observe inherent risk behavior.
  • A second treatment integrated an asymmetrically dominated choice problem into the random incentive mechanism.
  • Risk behavior was compared between the baseline and the integrated treatment.

Main Results:

  • Risk behavior in the baseline (one task) treatment reflected standard choice under risk patterns.
  • Integrating a second, asymmetrically dominated choice problem systematically manipulated risk behavior.
  • This manipulation demonstrates a violation of the isolation hypothesis.

Conclusions:

  • The isolation hypothesis, a condition for incentive compatibility, is violated in this experimental setting.
  • Random incentive mechanisms may not elicit true preferences when tasks are not independent.
  • The findings have implications for the design and interpretation of results from economic and psychological experiments using random incentives.