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Leaving Money on the Table
Abstract of a paper on NBER: There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-in-twenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card...
Abstract of a paper on NBER: There is much disagreement about the extent to which financial incentives motivate study participants. Almost 20 percent of participants actively refused payment, demonstrating low monetary motivation. Overall, our results suggest that modest electronic gift card payments violate key requirements of Vernon Smith's induced value theory.
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