IDEAS home Printed from https://ideas.repec.org/p/hhs/slucer/2018_002.html
   My bibliography  Save this paper

Understanding Preference Imprecision

Author

Listed:
  • Bayrak, Oben K.

    (CERE - the Center for Environmental and Resource Economics)

  • Hey, John D.

    (Department of Economics and Related Studies, University of York)

Abstract

The term ‘preference imprecision’ seems to have different meanings to different people. In the literature, one can find references to a number of expressions. For example: vagueness, incompleteness, randomness, unsureness, indecisiveness and thick indifference curves. Some of these are theoretical constructs, some are empirical. The purpose of this paper is to survey the various different approaches and to try to link them together: to see if they are all addressed to the same issue, and to come to some conclusions. In the course of this survey, we report on evidence concerning the existence of preference imprecision, and its impact on theoretical and empirical work.

Suggested Citation

  • Bayrak, Oben K. & Hey, John D., 2018. "Understanding Preference Imprecision," CERE Working Papers 2018:2, CERE - the Center for Environmental and Resource Economics, revised 28 Jan 2019.
    • Handle: RePEc:hhs:slucer:2018_002
    as

    Download full text from publisher

    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3309108
    File Function: Full text
    Download Restriction: no
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Luca Rigotti & Arie Beresteanu, 2021. "Identification of Incomplete Preferences," Papers 2108.06282, arXiv.org, revised Jun 2022.
    2. Oben K. Bayrak & John D. Hey, 2020. "Decisions under risk: Dispersion and skewness," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 1-24, August.
    3. Qiyan Ong & Jianying Qiu, 2023. "Paying for randomization and indecisiveness," Journal of Risk and Uncertainty, Springer, vol. 67(1), pages 45-72, August.

    More about this item

    Keywords

    preference imprecision; stochastic models; stochastic specifications; incommensurability; anomalies; valuation gap; preference imprecision; strength of preference; SoP; economic preferences; interval valuations;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hhs:slucer:2018_002. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mona Bonta Bergman (email available below). General contact details of provider: http://www.cere.se .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.