Incomplete risk attitudes and random choice behavior: an elicitation mechanism

In the presence of incomplete risk attitudes, choices between noncomparable risky prospects are random. A random choice model advanced by Karni (Incomplete preferences and random choice (unpublished manuscript), 2021) includes the hypothesis that choices among noncomparable risky prospects are prompted by signals drawn from personal distributions. This paper introduces a scheme designed to elicit subjects’ assessments of their personal likelihoods of choices among noncomparable risky prospects and describes experiments designed to test the aforementioned hypothesis.