TY  - GEN
UR  - https://archiv.ub.uni-heidelberg.de/volltextserver/34430/
Y1  - 2024///
PB  - Universität
A1  - Becker, Christoph K.
A1  - Duersch, Peter
A1  - Eife, Thomas A.
A1  - Glas, Alexander
KW  - Inflation
KW  -  density forecast
KW  -  probabilistic forecast
KW  -  experiment
KW  -  survey design
KW  -  personalized response scales
ID  - heidok34430
AV  - public
TI  - Using point forecasts to anchor probabilistic survey scales
CY  - Heidelberg
EP  - 9
N2  - 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.
T3  - AWI Discussion Paper Series
ER  -