CORDIS Project
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This project develops Bayesian markets, a new market institution designed to incentivize truthful reporting of subjective data, such as happiness and life satisfaction. By allowing participants to trade assets based on their responses, it aims to improve the accuracy of welfare measurements and expert assessments in va…
Subjective data play an increasing role in modern economics.
For instance, new welfare measurements are based on people’s subjective assessments of their happiness or their life satisfaction. A problem of such measurements is that people have no incentives to tell the truth.
To solve this problem and make those measurements incentive compatible, I will introduce a new market institution, called Bayesian markets.Imagine we ask people whether they are happy with their life.
On Bayesian markets, th…
ERASMUS UNIVERSITEIT ROTTERDAM
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