Accounting For Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits

We also thank participants at the YEP Seminar of the ECONtribute Cluster of Excellence, at the seminar of the Düsseldorf Institute for Competition Economics, at the ECONtribute Young Economist Workshop in Applied Economics, at the 2022 World Economic Science Association Conference, and at the 2022 conference of the Slovak Economic Association. [...] If they are above the threshold, the reliability of their answers will only be constrained by their level of self-knowledge, which is responsible for the remaining noise after accounting for effort.7 The rest of the paper is organized as follows: Section 2 situates our contribution within the exist- ing literature, Section 3 describes the data, Section 4 documents the extent of the measurement err. [...] At the end of the BFI-2 section and also at the end of the whole experiment, each individual was asked to evaluate the reliability of the answers which they provided. [...] This corresponds to an approximately 15% and 10% increase respectively given the average survey time on the first and second survey wave.16 The increase in time taken to complete the survey is confined to the higher end of the time distribution. [...] In line with results from the previous sections, the self-reported measure elicited at the end of the BFI section outperforms the one elicited at the end of the survey.