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:
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- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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- Dekker, T. & Koster, P.R. & Brouwer, R., 2012.
"Changing with the tide: Semi-parametric estimation of preference dynamics,"
Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics
0005, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Dekker, T. & Koster, P.R. & Brouwer, R., 2012. "Changing with the tide: Semi-parametric estimation of preference dynamics," Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics 0005, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Thijs Dekker & Paul Koster & Roy Brouwer, 2013. "Changing with the Tide: Semi-Parametric Estimation of Preference Dynamics," Tinbergen Institute Discussion Papers, Tinbergen Institute 13-074/VIII, Tinbergen Institute.
- Kingsley, David C. & Brown, Thomas C., 2013. "Value learning and the willingness to accept–willingness to pay disparity," Economics Letters, Elsevier, Elsevier, vol. 120(3), pages 473-476.
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