School of Economics and Finance

No. 438: The Implications of Linking Questions within the SG and TTO Methods

Anne Spencer , Queen Mary, University of London

October 1, 2001

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We consider the impact of introducing intermediate stages, chained together, into the Standard Gamble (SG) and Time Trade-Off (TTO) methods. We broadly replicate the patterns of responses observed in other SG studies. Less is known about the impact of intermediate stages, chained together, in the TTO method. We find that the TTO responses do not replicate the patterns found in the SG responses. We discuss additional issues that are brought to bear in the TTO responses compared to the SG responses and consider whether these can account for the different results.

J.E.L classification codes: I31

Keywords:Standard Gamble, Time Trade-Off, Chaining