ROBIN CUBITT robin.cubitt@nottingham.ac.uk
Professor of Economics & Decision Research
On preference imprecision
Cubitt, Robin P.; Navarro-Martinez, Daniel; Starmer, Chris
Authors
Daniel Navarro-Martinez
CHRIS STARMER chris.starmer@nottingham.ac.uk
Professor of Experimental Economics
Abstract
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.
Citation
Cubitt, R. P., Navarro-Martinez, D., & Starmer, C. (2015). On preference imprecision. Journal of Risk and Uncertainty, 50(1), https://doi.org/10.1007/s11166-015-9207-6
Journal Article Type | Article |
---|---|
Publication Date | Feb 20, 2015 |
Deposit Date | Sep 4, 2015 |
Publicly Available Date | Sep 8, 2015 |
Journal | Journal of Risk and Uncertainty |
Print ISSN | 0895-5646 |
Electronic ISSN | 0895-5646 |
Publisher | Springer Verlag |
Peer Reviewed | Peer Reviewed |
Volume | 50 |
Issue | 1 |
DOI | https://doi.org/10.1007/s11166-015-9207-6 |
Keywords | Preference imprecision, imprecision intervals, noisy preferences, violations of expected utility theory, construct validity |
Public URL | https://nottingham-repository.worktribe.com/output/744633 |
Publisher URL | http://link.springer.com/article/10.1007/s11166-015-9207-6/fulltext.html |
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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0
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