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Modelling imprecise preferences and identifying the implications for theory and policy
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Loomes, Graham (2013) Modelling imprecise preferences and identifying the implications for theory and policy. [Dataset]
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Official URL: https://wrap.warwick.ac.uk/134729
Abstract
In order to understand the way the economy behaves we need a good understanding of how individuals make decisions: how they weigh different goods and services against their costs, how they judge risks, how they balance present and future considerations. Traditional economic models portray people as behaving according to highly articulated rational preferences. But these models lack psychological insight and behavioural realism and often fail to provide good descriptions or predictions. This research aims to develop more realistic decision models which take partial and imprecise preferences as a starting point. It will run experiments to discover more about the nature and variability of people's preferences. Better models of 'boundedly rational' consumers may improve our understanding of why and how markets fail and how to organise them more effectively. The project will also investigate how to collect more useful and reliable data from members of the public about their preferences for health care, safety improvements and environment benefits. Surveys based on conventional assumptions have often generated anomalies and inconsistencies as judged by the usual standards. A different modelling strategy may improve survey instruments and help produce data that are more appropriate and robust for public policy purposes.
Item Type: | Dataset | ||||||
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Alternative Title: | Data for Measuring individual risk attitudes when preferences are imprecise | ||||||
Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||||
Type of Data: | Experimental data | ||||||
Library of Congress Subject Headings (LCSH): | Econometric models, Econometrics | ||||||
Publisher: | University of Warwick, Department of Psychology | ||||||
Official Date: | 20 May 2013 | ||||||
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Status: | Not Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Media of Output (format): | .xlsx .xlx | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Copyright Holders: | University of Warwick | ||||||
Description: | Data record consists of 10 excel data files in .xlsx and .xlx format. |
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