300:
for a commodity, and while doing so, reveal their willingness to pay. Traditionally, the multiple price list format has had three potential flaws, interval responses, the ability to switch answers between prices, and framing effects. After manipulating the traditional price list format, Rutström et al. were able to mitigate the majority of framing effects (tendency to move towards the middle price choice), and reduce a portion of ordering effects. Ordering effects still present were determined to be a result of human error and the possibility of a learning curve as they moved farther down in the responses. Overall, they found that by manipulating small features of the multiple price list format, it could be improved to provide more accurate results on risk preference. This should specifically be designed for each unique population, due to differing results across groups. When eliciting discount rates, it was found that results were more consistent and the same level of format manipulation was not necessary.
327:
preference in the laboratory from other factors. The majority of participants are discovered to behave as risk averse, a few as risk neutral, and almost none as risk preferring. Levels of aversion were determined to correlated with observable characteristics of the participants. Because risk preference is present in many economic experiments, Harrison and Rutström argue that proper measurement and application of these attitudes should be conducted in all applicable cases. Although different methods may provide slightly different results, they do believe that there are reliable methods that can provide worthwhile information on risk aversion.
185:
309:
are not linear as previously assumed. When accounting for participants that are risk averse rather than risk neutral, the resulting discount rates were significantly lower. This is in response to the difference in an individual's trade-off between long-run optimization and short-term temptation. They recommend that experiments involving time preference should jointly consider risk preference for a more appropriate discount rate.
318:
question with real economic consequences. Using their own set of incentive compatible questions, results showed that the real and hypothetical answers were significantly different and they could not confirm that this theory on dichotomous choice compatibility could reasonably be confirmed. These results held true for different question formats and across all tested demographics, including non-students.
336:
Danish population. Based on their findings, they concluded that as a whole, Danish people should be characterized as risk averse, rather than risk neutral. Certain socio-demographic groups also displayed different levels of risk preference. In particular, individuals over the age of 40, and those of increased education levels, displayed higher risk aversion.
241:, the study examines how families with limited financial resources manage risks associated with finance and health. A complete list of her current research includes Experimental Economics Decision Making Under Risk and Uncertainty, Risk Portfolios of Poor Households, Responses to Congestion Pricing, Formal
326:
In collaboration with Glenn W. Harrison, Rutström examines the popular assumption that participants are risk neutral in experiments, and the implications of altering this assumption. Experiments were conducted to estimate the different risk attitudes of individuals in such a way that it isolated risk
317:
In this paper, Rutström et al. examine if using the dichotomous choice method with incentive compatible questions, results in an accurate willingness to pay. The assumption behind the theory is that individuals will answer a hypothetical question with the same response that they would to an identical
335:
Alongside three other researchers, Rutström conducted a field experiment to analyze how groups of different socio-demographic characteristics differ in their attitudes toward risk. Using a carefully selected sample from a six-step procedure, they analyzed 253 individuals aged 19–75, representing the
308:
In this 2008 paper, Rutström was part of a group of researchers who conducted experiments in
Denmark to jointly bring forth time and risk preferences in participants. Isolating for these preferences in separate experiments, they determined that when examining an individual's utility, discount rates
299:
Rutström helped conduct an analysis of the multiple price list format to determine if it served as an appropriate method for eliciting individual choice and risk preference. The multiple price list format is a simple procedure where participants are asked to respond yes or no to a variety of prices
119:
During her time in school she received multiple scholarships, including the L. Fraenckel & C. Silfven
Scholarship for Studies Abroad (1983–84), and the Scholarship for Research Abroad (1984–85). Rutström also worked as a teaching assistant from 1980-1983 and as a research assistant on various
356:(ACLU) of South Carolina, in 1999 and from 2000-2002 respectively. Additionally, she served as a board member for the Heifetz International Music Institute (2003-2008), a non-profit organization that helps support the careers of young, talented musicians.
200:
Beginning in 2016, Rutström has served as the program director at
Georgia State University's Center for Analysis of Economic Risk (CEAR). While there, she was involved in a team that successfully advocated for proper sample representations in
344:
Over her teaching career, Rutström has acted as PhD dissertation supervisor for more than 20 years, including the supervision of ten master and honors thesis'. Between 2005-2009, she also served as associated editor for the
282:
Harrison, Glenn W., and E. Elisabet Rutström, “Risk
Aversion in the Laboratory,” in J.C. Cox and G. W. Harrison (eds.), Risk Aversion in Experiments (Bingley, UK: Emerald, Research in Experimental Economics, Volume 12,
83:
born experimental economist, and an accomplished field researcher in individual decision making and interactive group behaviors. Over the last 40 years she has worked as an instructor and researcher at universities in
828:
798:
352:
Twice, Rutström has served on the board of major organizations throughout her career. During her time at the
University of South Carolina, she was a board member and president for the
230:
Rutström has received the
Experimental Economics Editor's Award for best paper published in volumes 11 and 12, and the European Economic Review Award for best paper published (2014).
227:
She has had more than 45 scholarly journals published, as well as publications in numerous books and monographs. Overall, her work has been cited in 9566 articles and working papers.
133:
Rutström began her career teaching introductory and intermediate economics at the
Stockholm School of Economics from 1980-1983. She followed that by working as an instructor at the
173:. She spent the next six years as a professor at Georgia State University, concluding in 2016. Throughout her career she has taught a variety of courses ranging from introductory
600:
Cummings, Ronald G.; Harrison, Glenn W.; Rutström, E. Elisabet (1995). "Homegrown Values and
Hypothetical Surveys: Is the Dichotomous Choice Approach Incentive-Compatible?".
261:
Andersen, Steffen, Glenn W. Harrison, Morten I. Lau, and E. Elisabet Rutström, “Elicitation Using
Multiple Price List Formats,” Experimental Economics, 9(4), 2006, 383-405.
833:
275:
Cummings, Ronald G., Glenn W. Harrison, and E. Elisabet Rutström, “Homegrown Values and
Hypothetical Surveys: Is the Dichotomous Choice Approach Incentive Compatible?”,
823:
813:
808:
793:
224:
Rutström has accomplished notable research in both lab and field experiments. Her most popular research focuses on risk aversion, attitude, and preferences.
818:
803:
233:
At Georgia State, Rutström is currently working on a paper with Arianna Galliera that focuses on risk management decisions made by families living in
788:
783:
116:
in economics, also from the Stockholm School of Economics, and completed her thesis on “The Political Economy of Protectionism in Indonesia”.
666:
287:
768:
773:
510:
Andersen, Steffen; Harrison, Geln W.; Igel Lau, Morten; Rutström, E. Elisabet. "Eliciting Using Multiple Price List Formats".
353:
170:
134:
109:
732:
276:
142:
188:
The Stockholm School of Economics,where Rutström studied, instructed, and currently serves as an affiliated professor.
242:
346:
146:
138:
97:
184:
197:
At this time, Rutström primarily acts as researcher for her independent company Rutström Research Analytics.
209:
778:
644:
286:
Harrison, Glenn W., Morten I. Lau, and E. Elisabet Rutström, “Estimating Risk Attitudes in Denmark,”
213:
113:
683:
649:
464:
714:
617:
582:
574:
527:
416:
706:
662:
609:
566:
265:
112:
in 1981, with a Bachelor of Economics and Business Administration. In 1990, she received her
698:
654:
558:
519:
489:
440:
174:
658:
762:
702:
562:
545:
Andersen, Steffen; Harrison, Glenn W.; Lau, Morten I.; Rutström, E. Elisabet (2008).
531:
89:
718:
216:, and an affiliated professor at her alma mater, the Stockholm School of Economics.
586:
269:
635:
Harrison, Glenn W.; Rutström, Elisabet (2008). "Risk Aversion in the Laboratory".
546:
376:
268:, Morten I. Lau, and E. Elisabet Rutström, “Eliciting Risk and Time Preferences,”
40:
Bachelor of Economics and Business Administration (1981) Ph.D. in Economics (1990)
178:
169:. In 2004, she became a full-time professor in the economics department at the
57:
523:
154:
150:
137:
for one year in 1984. Subsequently, between 1998 and 1990 she lectured at the
740:
710:
613:
570:
246:
578:
621:
234:
202:
166:
162:
158:
96:. She currently serves as the program director of field experiments at
93:
85:
80:
145:
from 1991-2004. During this time she served as a consultant to the
682:
Harrison, Glenn W.; Lau, Morten I.; Rutström, E. Elisabet (2007).
239:“Nothing Left to Lose”: Risk Attitudes Among Vulnerable Households
684:"Estimating Risk Attitudes in Denmark: A Field Experiment*"
313:"Is the Dichotomous Choice Approach Incentive Compatible?"
149:
for experiments related to choice attributes, and to the
733:"About page for Heifetz International Music Institute"
829:
Academic staff of the Stockholm School of Economics
799:
Academic staff of the University of Western Ontario
141:. She then served as an associate professor at the
52:
44:
36:
28:
21:
208:Rutström is also an honorary professor at the
295:"Eliciting Using Multiple Price List Formats"
8:
643:. Emerald Group Publishing Limited: 41–196.
490:"Working Papers section of personal website"
18:
648:
377:"Biography from Georgia State University"
834:Swedish expatriates in the United States
183:
365:
331:"Estimating Risk Attitudes in Denmark"
814:University of Central Florida faculty
737:Heifetz International Music Institute
691:The Scandinavian Journal of Economics
547:"Eliciting Risk and Time Preferences"
435:
433:
417:"CV from Rutström's personal website"
411:
409:
407:
405:
403:
401:
399:
397:
304:"Eliciting Risk and Time Preferences"
108:Elisabet Rutström graduated from the
7:
809:University of South Carolina faculty
794:Stockholm School of Economics alumni
518:(4). Springer Nature B.V.: 383–405.
459:
457:
371:
369:
824:Academic staff of Örebro University
16:Swedish-born experimental economist
637:Research in Experimental Economics
340:Academic and community involvement
14:
322:"Risk Aversion in the Laboratory"
288:Scandinavian Journal of Economics
120:projects in 1980, 1983, 1985-87.
100:’s Robinson College of Business.
819:Georgia State University faculty
804:University of New Mexico faculty
703:10.1111/j.1467-9442.2007.00496.x
563:10.1111/j.1468-0262.2008.00848.x
789:21st-century Swedish economists
784:20th-century Swedish economists
181:, to MBA managerial economics.
354:American Civil Liberties Union
279:, 85 (1), March 1995, 260-266.
1:
659:10.1016/S0193-2306(08)00003-3
290:, 109(2), June 2007, 341-368.
249:, and Inflation Perceptions.
171:University of Central Florida
135:University of Western Ontario
110:Stockholm School of Economics
602:The American Economic Review
272:, (76) 3, May 2008, 583-618.
143:University of South Carolina
850:
465:"Research Paper Citations"
441:"Rutström's LinkedIn page"
524:10.1007/s10683-006-7055-6
769:Swedish women economists
347:European Economic Review
277:American Economic Review
147:Office of Naval Research
139:University of New Mexico
98:Georgia State University
774:Experimental economists
212:, a guest professor at
210:University of Cape Town
512:Experimental Economics
189:
48:Experimental Economist
253:Selected publications
187:
77:Eva Elisabet Rutström
23:Eva Elisabet Rutström
155:Trade Liberalization
381:Georgia State: CEAR
264:Andersen, Steffen,
190:
743:on April 27, 2020
668:978-0-7623-1384-6
266:Glenn W. Harrison
245:Acceptability in
214:Örebro University
74:
73:
841:
753:
752:
750:
748:
739:. Archived from
729:
723:
722:
688:
679:
673:
672:
652:
632:
626:
625:
597:
591:
590:
542:
536:
535:
507:
501:
500:
498:
496:
486:
480:
479:
477:
475:
461:
452:
451:
449:
447:
437:
428:
427:
425:
423:
413:
392:
391:
389:
387:
373:
153:on the topic of
70:
67:
65:
63:
61:
59:
19:
849:
848:
844:
843:
842:
840:
839:
838:
759:
758:
757:
756:
746:
744:
731:
730:
726:
686:
681:
680:
676:
669:
634:
633:
629:
599:
598:
594:
544:
543:
539:
509:
508:
504:
494:
492:
488:
487:
483:
473:
471:
463:
462:
455:
445:
443:
439:
438:
431:
421:
419:
415:
414:
395:
385:
383:
375:
374:
367:
362:
342:
333:
324:
315:
306:
297:
255:
243:Ante-natal Care
222:
195:
131:
126:
106:
56:
24:
17:
12:
11:
5:
847:
845:
837:
836:
831:
826:
821:
816:
811:
806:
801:
796:
791:
786:
781:
776:
771:
761:
760:
755:
754:
724:
697:(2): 341–368.
674:
667:
650:10.1.1.469.509
627:
608:(1): 260–266.
592:
557:(3): 583–618.
537:
502:
481:
469:Google Scholar
453:
429:
393:
364:
363:
361:
358:
341:
338:
332:
329:
323:
320:
314:
311:
305:
302:
296:
293:
292:
291:
284:
280:
273:
262:
254:
251:
221:
218:
194:
193:Current career
191:
175:microeconomics
130:
127:
125:
122:
105:
102:
72:
71:
54:
50:
49:
46:
42:
41:
38:
34:
33:
30:
26:
25:
22:
15:
13:
10:
9:
6:
4:
3:
2:
846:
835:
832:
830:
827:
825:
822:
820:
817:
815:
812:
810:
807:
805:
802:
800:
797:
795:
792:
790:
787:
785:
782:
780:
779:Living people
777:
775:
772:
770:
767:
766:
764:
742:
738:
734:
728:
725:
720:
716:
712:
708:
704:
700:
696:
692:
685:
678:
675:
670:
664:
660:
656:
651:
646:
642:
638:
631:
628:
623:
619:
615:
611:
607:
603:
596:
593:
588:
584:
580:
576:
572:
568:
564:
560:
556:
552:
548:
541:
538:
533:
529:
525:
521:
517:
513:
506:
503:
491:
485:
482:
470:
466:
460:
458:
454:
442:
436:
434:
430:
418:
412:
410:
408:
406:
404:
402:
400:
398:
394:
382:
378:
372:
370:
366:
359:
357:
355:
350:
348:
339:
337:
330:
328:
321:
319:
312:
310:
303:
301:
294:
289:
285:
281:
278:
274:
271:
267:
263:
260:
259:
258:
252:
250:
248:
244:
240:
236:
231:
228:
225:
219:
217:
215:
211:
206:
204:
198:
192:
186:
182:
180:
176:
172:
168:
164:
160:
156:
152:
148:
144:
140:
136:
128:
123:
121:
117:
115:
111:
103:
101:
99:
95:
91:
90:United States
87:
82:
78:
69:
55:
51:
47:
43:
39:
35:
31:
27:
20:
747:November 20,
745:. Retrieved
741:the original
736:
727:
694:
690:
677:
640:
636:
630:
605:
601:
595:
554:
551:Econometrica
550:
540:
515:
511:
505:
495:November 19,
493:. Retrieved
484:
474:November 19,
472:. Retrieved
468:
446:November 19,
444:. Retrieved
422:November 19,
420:. Retrieved
386:November 19,
384:. Retrieved
380:
351:
343:
334:
325:
316:
307:
298:
270:Econometrica
256:
238:
232:
229:
226:
223:
207:
199:
196:
132:
129:Early career
118:
107:
76:
75:
179:game theory
29:Nationality
763:Categories
360:References
151:World Bank
66:/erutstrom
45:Occupation
711:1467-9442
645:CiteSeerX
614:0002-8282
571:0012-9682
532:144716528
349:journal.
237:. Titled
104:Education
37:Education
719:32172576
579:40056458
257:Source:
247:Pakistan
220:Research
622:2118008
587:1373489
235:Atlanta
203:Denmark
167:Algeria
163:Morocco
159:Tunisia
81:Swedish
60:.google
53:Website
32:Swedish
717:
709:
665:
647:
620:
612:
585:
577:
569:
530:
283:2008).
165:, and
124:Career
94:Sweden
92:, and
88:, the
86:Canada
715:S2CID
687:(PDF)
618:JSTOR
583:S2CID
575:JSTOR
528:S2CID
177:, to
79:is a
68:/home
64:/view
58:sites
749:2019
707:ISSN
663:ISBN
610:ISSN
567:ISSN
497:2019
476:2019
448:2019
424:2019
388:2019
62:.com
699:doi
695:109
655:doi
559:doi
520:doi
157:in
114:PhD
765::
735:.
713:.
705:.
693:.
689:.
661:.
653:.
641:12
639:.
616:.
606:85
604:.
581:.
573:.
565:.
555:76
553:.
549:.
526:.
514:.
467:.
456:^
432:^
396:^
379:.
368:^
205:.
161:,
751:.
721:.
701::
671:.
657::
624:.
589:.
561::
534:.
522::
516:9
499:.
478:.
450:.
426:.
390:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
