title: Using point forecasts to anchor probabilistic survey scales
creator: Becker, Christoph K.
creator: Duersch, Peter
creator: Eife, Thomas A.
creator: Glas, Alexander
subject: ddc-330
subject: 330 Economics
description: We present the results of an experiment where a random subset of the participants in the Bundesbank's household panel receive personalized response scales, centered at each participant's point forecast. Personalized response scales offer two advantages over the standard scale which is centered at zero inflation: First, they mitigate the impact of the central tendency bias which leads respondents to assign greater probability mass to the center of the scale at zero. Second, they eliminate the need to adjust the scale when actual inflation falls outside the range for which the response scale was designed. Our results show that the personalized survey responses are of higher quality in three dimensions: (i) higher internal consistency, (ii) more uni-modal responses, and (iii) a significant reduction in the use of the (minimally informative) unbounded intervals of the response scale.
publisher: Universität
date: 2024
type: Working paper
type: info:eu-repo/semantics/workingPaper
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/34430/7/using_point_forecast_p743_2024.pdf
identifier: DOI:10.11588/heidok.00034430
identifier: urn:nbn:de:bsz:16-heidok-344309
identifier:   Becker, Christoph K. ; Duersch, Peter ; Eife, Thomas A. ; Glas, Alexander  (2024) Using point forecasts to anchor probabilistic survey scales.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/34430/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng