On preference imprecision
Recent research invokes preference imprecision to explain violations of individual decision theory. While these inquiries are suggestive, the nature and significance of such imprecision remain poorly understood. We explore three questions using a new measurement tool in an experimental investigation...
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| Format: | Article |
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Springer
2015
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| Online Access: | https://eprints.nottingham.ac.uk/29783/ |
| _version_ | 1848793851950530560 |
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| author | Cubitt, Robin P. Navarro-Martinez, Daniel Starmer, Chris |
| author_facet | Cubitt, Robin P. Navarro-Martinez, Daniel Starmer, Chris |
| author_sort | Cubitt, Robin P. |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | Recent research invokes preference imprecision to explain violations of individual decision theory. While these inquiries are suggestive, the nature and significance of such imprecision remain poorly understood. We explore three questions using a new measurement tool in an experimental investigation of imprecision in lottery valuations: Does such preference imprecision vary coherently with lottery structure? Is it stable on repeat measurement? Does it have explanatory value for economic behaviour? We find that imprecision behaves coherently, shows no tendency to change systematically with experience, is related to choice variability, but is not a main driver of the violations of standard decision theory that we consider. |
| first_indexed | 2025-11-14T19:06:52Z |
| format | Article |
| id | nottingham-29783 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| last_indexed | 2025-11-14T19:06:52Z |
| publishDate | 2015 |
| publisher | Springer |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-297832020-05-04T17:02:18Z https://eprints.nottingham.ac.uk/29783/ On preference imprecision Cubitt, Robin P. Navarro-Martinez, Daniel Starmer, Chris Recent research invokes preference imprecision to explain violations of individual decision theory. While these inquiries are suggestive, the nature and significance of such imprecision remain poorly understood. We explore three questions using a new measurement tool in an experimental investigation of imprecision in lottery valuations: Does such preference imprecision vary coherently with lottery structure? Is it stable on repeat measurement? Does it have explanatory value for economic behaviour? We find that imprecision behaves coherently, shows no tendency to change systematically with experience, is related to choice variability, but is not a main driver of the violations of standard decision theory that we consider. Springer 2015-02-20 Article PeerReviewed Cubitt, Robin P., Navarro-Martinez, Daniel and Starmer, Chris (2015) On preference imprecision. Journal of Risk and Uncertainty, 50 (1). pp. 1-34. ISSN 0895-5646 Preference imprecision imprecision intervals noisy preferences violations of expected utility theory construct validity http://link.springer.com/article/10.1007/s11166-015-9207-6/fulltext.html doi:10.1007/s11166-015-9207-6 doi:10.1007/s11166-015-9207-6 |
| spellingShingle | Preference imprecision imprecision intervals noisy preferences violations of expected utility theory construct validity Cubitt, Robin P. Navarro-Martinez, Daniel Starmer, Chris On preference imprecision |
| title | On preference imprecision |
| title_full | On preference imprecision |
| title_fullStr | On preference imprecision |
| title_full_unstemmed | On preference imprecision |
| title_short | On preference imprecision |
| title_sort | on preference imprecision |
| topic | Preference imprecision imprecision intervals noisy preferences violations of expected utility theory construct validity |
| url | https://eprints.nottingham.ac.uk/29783/ https://eprints.nottingham.ac.uk/29783/ https://eprints.nottingham.ac.uk/29783/ |