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Measuring Constructed Preferences: Towards a Building Code

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Author Info
Payne, John W
Bettman, James R
Schkade, David A
Abstract

A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architecture (building a set of values) rather than as archaeology (uncovering existing values). We describe potential faults in the process of preference construction, offer guidelines for measuring constructed preferences (a "building code") to mitigate these faults, and discuss how the code must be sensitive to the purpose of the valuation (design vs. prediction). Copyright 1999 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 19 (1999)
Issue (Month): 1-3 (December)
Pages: 243-70
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Handle: RePEc:kap:jrisku:v:19:y:1999:i:1-3:p:243-70

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  3. Jorge Araña & Carmelo León, 2007. "Repeated Dichotomous Choice Formats for Elicitation of Willingness to Pay: Simultaneous Estimation and Anchoring Effect," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 36(4), pages 475-497, April. [Downloadable!] (restricted)
  4. Rachel Baker & Angela Robinson, 2004. "Responses to standard gambles: are preferences 'well constructed'?," Health Economics, John Wiley & Sons, Ltd., vol. 13(1), pages 37-48. [Downloadable!]
  5. Nick Hanley & Bengt Kristrom, . "What’s it worth? Exploring value uncertainty using interval questions in Contingent Valuation," Working Papers 2002_10, Department of Economics, University of Glasgow. [Downloadable!]
  6. Wang, Mei & Fischbeck, Paul, 2004. "Evaluating Lotteries, Risks, and Risk-mitigation Programs," Sonderforschungsbereich 504 Publications 04-13, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
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  11. Hitzhusen, Fred & Abdul-Mohsen, Ashraf & Kruse, Sarah, 2004. "Toward Improved Economic Analysis Using Contingent Valuation: Some Methodological Considerations Applied To River Toxics And Dam Removal," 2004 Annual meeting, August 1-4, Denver, CO 20326, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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  13. Alan Shiell & Lisa Gold, 2003. "If the price is right: vagueness and values clarification in contingent valuation," Health Economics, John Wiley & Sons, Ltd., vol. 12(11), pages 909-919. [Downloadable!]
  14. Han Bleichrodt & Jose María Abellán Perpiñán & Jose Luis Pinto-Prades & Ildefonso Méndez-Martínez, 2006. "Resolving Inconsistencies in Utility Measurement under Risk: Tests of Generalizations of Expected Utility," Working Papers 06.19, Universidad Pablo de Olavide, Department of Economics. [Downloadable!]
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  15. Han Bleichrodt & José Luis Pinto, 2000. "An Experimental Test of Loss Aversion and Scale Compatibility," Working Papers, Research Center on Health and Economics 467, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  16. Daniel Bromley, 2004. "Reconsidering Environmental Policy: Prescriptive Consequentialism and Volitional Pragmatism," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(1), pages 73-99, May. [Downloadable!] (restricted)
  17. Lindhjem, Henrik & Navrud, Ståle, 2008. "Internet CV surveys – a cheap, fast way to get large samples of biased values?," MPRA Paper 11471, University Library of Munich, Germany. [Downloadable!]
  18. Laura J. Damschroder & Peter A. Ubel & Jason Riis & Dylan M. Smith, 2007. "An alternative approach for eliciting willingness-to-pay: A randomized Internet trial," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 96-106, April. [Downloadable!]
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