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Decision making heuristics and the elicitation of preferences: being fast and frugal about the future

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  • John Cairns
  • Marjon van der Pol
  • Andrew Lloyd

Abstract

It has been suggested that individuals employ simple decision heuristics when answering stated preference questions. Evidence from discrete choice experiments of individuals failing to trade may indicate that they employ simple decision making heuristics. However, individuals might not trade because their preferences are not captured by the range of trade‐offs they are offered. This is explored by offering a series of choices where the trade‐offs implied by subsequent choices depend on the subject's responses to previous choices. The results suggest that individuals answer discrete choices without recourse to simplifying heuristics, and that information is generated on their preferences rather than on how they make such choices. Copyright © 2002 John Wiley & Sons, Ltd.

Suggested Citation

  • John Cairns & Marjon van der Pol & Andrew Lloyd, 2002. "Decision making heuristics and the elicitation of preferences: being fast and frugal about the future," Health Economics, John Wiley & Sons, Ltd., vol. 11(7), pages 655-658, October.
    • Handle: RePEc:wly:hlthec:v:11:y:2002:i:7:p:655-658
    DOI: 10.1002/hec.720
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    1. Ryan, Mandy & Scott, David A. & Donaldson, Cam, 2004. "Valuing health care using willingness to pay: a comparison of the payment card and dichotomous choice methods," Journal of Health Economics, Elsevier, vol. 23(2), pages 237-258, March.
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    5. Arne Risa Hole & Richard Norman & Rosalie Viney, 2016. "Response Patterns in Health State Valuation Using Endogenous Attribute Attendance and Latent Class Analysis," Health Economics, John Wiley & Sons, Ltd., vol. 25(2), pages 212-224, February.
    6. Jonathan Sicsic & Serge Blondel & Sandra Chyderiotis & François Langot & Judith E. Mueller, 2023. "Preferences for COVID-19 epidemic control measures among French adults: a discrete choice experiment," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 24(1), pages 81-98, February.
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    9. Stirling Bryan & Paul Dolan, 2004. "Discrete choice experiments in health economics," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 5(3), pages 199-202, September.
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