On preference imprecision

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• dc.contributor.author Cubitt, Robin P.
• dc.contributor.author Navarro-Martinez, Daniel
• dc.contributor.author Starmer, Chris
• dc.date.accessioned 2023-12-11T06:48:44Z
• dc.date.available 2023-12-11T06:48:44Z
• dc.date.issued 2015
• dc.description.abstract 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.
• dc.description.sponsorship We are grateful for the support of CeDEx at the Nottingham School of Economics; Cubitt and Starmer acknowledge the support of the ESRC funded Network for Integrated Behavioural Science (ES/K002201/1); and Navarro-Martinez acknowledges support from the Generalitat de Catalunya (2011BP-B00170) and the Spanish Ministry of Economy and Competiveness (MINECO-PSI2013-41909-P). We thank Mohammed Abdellaoui, Tim Cason, Thomas Epper, Helga Fehr-Duda, Graham Loomes, Andrew Oswald, Larry Samuelson, Robert Sugden, Frans van Winden and Peter Wakker, as well as a referee and the Editor, for helpful comments. We would also like to thank participants at conferences, seminars and workshops where we have presented this work.
• dc.format.mimetype application/pdf
• dc.identifier.citation Cubitt RP, Navarro-Martinez D, Starmer C. On preference imprecision. J Risk Uncertain. 2015 Feb;50(1):1-34. DOI: 10.1007/s11166-015-9207-6
• dc.identifier.doi http://dx.doi.org/10.1007/s11166-015-9207-6
• dc.identifier.issn 1573-0476
• dc.identifier.uri http://hdl.handle.net/10230/58489
• dc.language.iso eng
• dc.publisher Springer
• dc.relation.ispartof Journal of Risk and Uncertainty. 2015 Feb;50(1):1-34
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/PSI2013-41909-P
• dc.rights This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Preference imprecision
• dc.subject.keyword Imprecision intervals
• dc.subject.keyword Noisy preferences
• dc.subject.keyword Violations of expected utility theory
• dc.subject.keyword Construct validity
• dc.title On preference imprecision
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion