On preference imprecision

Cubitt, Robin P. and Navarro-Martinez, Daniel and Starmer, Chris (2015) On preference imprecision. Journal of Risk and Uncertainty, 50 (1). pp. 1-34. ISSN 0895-5646

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Recent research invokes preference imprecision to explain violations of individual decision theory. While these inquiries are suggestive, the nature and significance of such imprecision remain poorly understood. We explore three questions using a new measurement tool in an experimental investigation of imprecision in lottery valuations: Does such preference imprecision vary coherently with lottery structure? Is it stable on repeat measurement? Does it have explanatory value for economic behaviour? We find that imprecision behaves coherently, shows no tendency to change systematically with experience, is related to choice variability, but is not a main driver of the violations of standard decision theory that we consider.

Item Type: Article
Keywords: Preference imprecision, imprecision intervals, noisy preferences, violations of expected utility theory, construct validity
Schools/Departments: University of Nottingham UK Campus > Faculty of Social Sciences > School of Economics
Identification Number: https://doi.org/10.1007/s11166-015-9207-6
Depositing User: Kesaite, Viktorija
Date Deposited: 04 Sep 2015 07:20
Last Modified: 13 Sep 2016 17:40
URI: http://eprints.nottingham.ac.uk/id/eprint/29783

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