Comparing Risk Elicitation in Lotteries with Visual Or Contextual Framing Aids

Eliciting risk preferences usually involves tasks that subjects may find complex, such as calculations of expected values and assessment probabilities in multiple price lists (MPL). There is a serious concern the decisions be driven by miscalculations or miscalibration probabilities, rather than their preferences. In this paper, we test whether introducing aids to usual lottery choiceswould help reduce error rate possibly change aversion elicitation. The experiment was run with subjectsfrom rural area Honduras. We compare elicitation results list two different treatments, one visual (graphical representation probabilities) other contextual framing (bills represent rewards distribution ten beans between lottery). Our indicate attitudes affected aids, reducing aversion. For treatment observe no effect.