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On the Measurement of Strength of Preference in Units of Money

Author

Listed:
  • David Butler
  • Andrea Isoni
  • Graham Loomes
  • Daniel Navarro-Martinez

Abstract

type="main" xml:id="ecor12113-abs-0001"> We report an experimental study that aims to elicit monetary measures of strength of preference in choices involving pairs of risky prospects. Despite extensive testing to refine the instruments used, we find that these money measures are systematically biased upwards relative to subsequent binary choices. We discuss possible reasons for this bias and its broader implications.

Suggested Citation

  • David Butler & Andrea Isoni & Graham Loomes & Daniel Navarro-Martinez, 2014. "On the Measurement of Strength of Preference in Units of Money," The Economic Record, The Economic Society of Australia, vol. 90, pages 1-15, June.
    • Handle: RePEc:bla:ecorec:v:90:y:2014:i::p:1-15
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    File URL: http://hdl.handle.net/10.1111/ecor.2014.90.issue-s1
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    Citations

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    Cited by:

    1. Daniel Navarro-Martinez & Graham Loomes & Andrea Isoni & David Butler & Larbi Alaoui, 2018. "Boundedly rational expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 57(3), pages 199-223, December.
    2. Michał Jakubczyk & Dominik Golicki, 2020. "Elicitation and modelling of imprecise utility of health states," Theory and Decision, Springer, vol. 88(1), pages 51-71, February.
    3. Nakamura, Yutaka, 2015. "State-dependent strength-of-preference," Mathematical Social Sciences, Elsevier, vol. 78(C), pages 64-68.
    4. David Butler & Andrea Isoni & Graham Loomes & Kei Tsutsui, 2014. "Beyond choice: investigating the sensitivity and validity of measures of strength of preference," Experimental Economics, Springer;Economic Science Association, vol. 17(4), pages 537-563, December.
    5. Georgios Gerasimou, 2019. "Simple Preference Intensity Comparisons," Discussion Paper Series, School of Economics and Finance 201905, School of Economics and Finance, University of St Andrews, revised 27 Apr 2020.

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