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Searching for preference stability in a state dependent world

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  • Dasgupta, Utteeyo
  • Gangadharan, Lata
  • Maitra, Pushkar
  • Mani, Subha

Abstract

We evaluate stability of preference using a randomized intervention that exogenously changes the income opportunity set of participants. We use a unique panel data, comprising of surveys and lab-in-the-field experiments conducted before and after the intervention, to examine whether our elicited measures of preferences (risk, competitiveness, and confidence) remain stable. We find that after accounting for the change in the income opportunity set, the elicited preferences indeed appear to be temporally stable under a state dependent framework. Consequently, even though we find across subject variation in preferences, the average measure of preferences remain temporally stable, providing support to a representative agent model of decision-making with temporally stable preferences.

Suggested Citation

  • Dasgupta, Utteeyo & Gangadharan, Lata & Maitra, Pushkar & Mani, Subha, 2017. "Searching for preference stability in a state dependent world," Journal of Economic Psychology, Elsevier, vol. 62(C), pages 17-32.
    • Handle: RePEc:eee:joepsy:v:62:y:2017:i:c:p:17-32
    DOI: 10.1016/j.joep.2017.05.001
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    4. Ostermair, Christoph, 2022. "An experimental investigation of the Allais paradox with subjective probabilities and correlated outcomes," Journal of Economic Psychology, Elsevier, vol. 93(C).
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    7. Utteeyo Dasgupta & Subha Mani & Smriti Sharma & Saurabh Singhal, 2022. "Effects of Peers and Rank on Cognition, Preferences, and Personality," The Review of Economics and Statistics, MIT Press, vol. 104(3), pages 587-601, May.
    8. Maggioni, Mario A. & Rossignoli, Domenico & Beretta, Simona & Balestri, Sara, 2018. "Trust behind bars: Measuring change in inmates’ prosocial preferences," Journal of Economic Psychology, Elsevier, vol. 64(C), pages 89-104.
    9. Clist, Paul & Hong, Ying-yi, 2023. "Do international students learn foreign preferences? The interplay of language, identity and assimilation," Journal of Economic Psychology, Elsevier, vol. 98(C).
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    12. Anwesha Bandyopadhyay & Lutfunnahar Begum & Philip J. Grossman, 2021. "Gender differences in the stability of risk attitudes," Journal of Risk and Uncertainty, Springer, vol. 63(2), pages 169-201, October.

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    More about this item

    Keywords

    Temporal stability of preferences; State contingent preferences; Lab-in-the field experiment;
    All these keywords.

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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