Preference Uncertainty, Preference Learning, and Paired Comparison Experiments
AbstractResults from paired comparison experiments suggest that as respondents progress through a sequence of binary choices they become more consistent, apparently fine-tuning their preferences. Consistency may be indicated by the variance of the estimated valuation distribution measured by the error term in the random utility model. A significant reduction in the variance is shown to be consistent with a model of preference uncertainty allowing for preference learning. Respondents become more adept at discriminating among items as they gain experience considering and comparing them, suggesting that methods allowing for such experience may obtain more well founded values.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 86 (2010)
Issue (Month): 3 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Thijs Dekker & Paul Koster & Roy Brouwer, 2013.
"Changing with the Tide: Semi-Parametric Estimation of Preference Dynamics,"
Tinbergen Institute Discussion Papers
13-074/VIII, Tinbergen Institute.
- Dekker, T. & Koster, P.R. & Brouwer, R., 2012. "Changing with the tide: Semi-parametric estimation of preference dynamics," Serie Research Memoranda 0005, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
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