They used a random effects interval regression model to estimate the marginal effects
of a treatment being 2
nd
, 3
rd
, or 4
th
. The coefficients for being 2
nd
or 3
rd
were small and
insignificant, but the marginal effect of being in the 4
th
order was to raise the estimated
coefficient of relative risk aversion by 0.14, with a standard error of 0.05. However,
order effects are not present in a second laboratory experiment with US subjects and
some procedural differences; see Andersen et al. (2006, Table 7).
4.3.3Framing Effects and the Structure of Choice Menus
The structure of the Holt–Laury choice menu in
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