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Analysis of Choice Expectations in Incomplete Scenarios

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  • Manski, Charles F

Abstract

This paper studies the use of probabilistic expectations data to predict behavior in incomplete scenarios posed by the researcher. The information that respondents have when replying to questions posing incomplete scenarios is a subset of the information that they would have in actual choice settings. Hence such questions do not elicit pure statements of preference; they elicit preferences mixed with expectations of future events that may affect choice behavior. The analysis developed here assumes respondents recognize that their behavior may depend on information they do not have when expectations are elicited, and that they answer coherently and honestly given the information provided. The objective in imagining such ideal respondents is to place a logical upper bound on the predictive content of elicited choice expectations. Copyright 1999 by Kluwer Academic Publishers

Suggested Citation

  • Manski, Charles F, 1999. "Analysis of Choice Expectations in Incomplete Scenarios," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 49-66, December.
  • Handle: RePEc:kap:jrisku:v:19:y:1999:i:1-3:p:49-66
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    Citations

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    Cited by:

    1. Domínguez-Torreiro, Marcos & Soliño, Mario, 2011. "Provided and perceived status quo in choice experiments: Implications for valuing the outputs of multifunctional rural areas," Ecological Economics, Elsevier, vol. 70(12), pages 2523-2531.
    2. Philipp Lergetporer & Katharina Werner & Ludger Wößmann, 2018. "Does Ignorance of Economic Returns and Costs Explain the Educational Aspiration Gap? Evidence from Representative Survey Experiments," CESifo Working Paper Series 7000, CESifo Group Munich.
    3. Petra Todd & Kenneth I. Wolpin, 2002. "Using a Social Experiment to Validate a Dynamic Behavioral Model of Child Schooling and Fertility: Assessing the Impact of a School Subsidy Program in Mexico," PIER Working Paper Archive 03-022, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Sep 2003.
    4. Arcidiacono, Peter & Hotz, V. Joseph & Kang, Songman, 2012. "Modeling college major choices using elicited measures of expectations and counterfactuals," Journal of Econometrics, Elsevier, vol. 166(1), pages 3-16.
    5. Bruno Contini, 2011. "Forecasting Errors: Yet more Problems for Identification?," Economia politica, Società editrice il Mulino, issue 2, pages 185-194.
    6. Martin Boyer & Philippe De Donder & Claude Fluet & Marie-Louise Leroux & Pierre-Carl Michaud, 2017. "Long-Term Care Insurance: Knowledge Barriers, Risk Perception and Adverse Selection," NBER Working Papers 23918, National Bureau of Economic Research, Inc.
    7. Asher A. Blass & Saul Lach & Charles F. Manski, 2010. "Using Elicited Choice Probabilities To Estimate Random Utility Models: Preferences For Electricity Reliability," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 51(2), pages 421-440, May.
    8. Kesternich, Iris & Heiss, Florian & McFadden, Daniel & Winter, Joachim, 2013. "Suit the action to the word, the word to the action: Hypothetical choices and real decisions in Medicare Part D," Journal of Health Economics, Elsevier, vol. 32(6), pages 1313-1324.
    9. Charles F. Manski, 2017. "Survey Measurement of Probabilistic Macroeconomic Expectations: Progress and Promise," NBER Chapters,in: NBER Macroeconomics Annual 2017, volume 32 National Bureau of Economic Research, Inc.
    10. Dekker, Thijs & Hess, Stephane & Brouwer, Roy & Hofkes, Marjan, 2016. "Decision uncertainty in multi-attribute stated preference studies," Resource and Energy Economics, Elsevier, vol. 43(C), pages 57-73.
    11. Daniel McFadden & Albert Bemmaor & Francis Caro & Jeff Dominitz & Byung-Hill Jun & Arthur Lewbel & Rosa Matzkin & Francesca Molinari & Norbert Schwarz & Robert Willis & Joachim Winter, 2005. "Statistical Analysis of Choice Experiments and Surveys," Marketing Letters, Springer, vol. 16(3), pages 183-196, December.
    12. Philip Kostov & John Lingard, 2004. "Risk Management – Managing Risks, not Calculating Them," Risk and Insurance 0409001, EconWPA.
    13. Robert Chambers & Teresa Serra & Spiro Stefanou, 2015. "Using ex ante output elicitation to model state-contingent technologies," Journal of Productivity Analysis, Springer, vol. 43(1), pages 75-83, February.
    14. van der Klaauw, Wilbert & Wolpin, Kenneth I., 2008. "Social security and the retirement and savings behavior of low-income households," Journal of Econometrics, Elsevier, vol. 145(1-2), pages 21-42, July.
    15. Anand, P.B., 2001. "Consumer Preferences for Water Supply? An Application of Choice Models to Urban India," WIDER Working Paper Series 145, World Institute for Development Economic Research (UNU-WIDER).
    16. Tomás del Barrio Casto & William Nilsson & Andrés J. Picazo-Tadeo, 2013. "How wrong can you be, without noticing? Further evidence on speci cation errors in the Conditional Logit," Working Papers 1318, Department of Applied Economics II, Universidad de Valencia.
    17. Morita, Tamaki & Managi, Shunsuke, 2015. "Consumers’ willingness to pay for electricity after the Great East Japan Earthquake," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 82-105.
    18. Zhang, Junyi, 2014. "Revisiting residential self-selection issues: A life-oriented approach," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 7(3), pages 29-45.

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