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On the measurement of strength of preference in units of money
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Butler, David, Isoni, Andrea, Loomes, Graham and Navarro-Martinez, Daniel (2014) On the measurement of strength of preference in units of money. Economic Record, 90 . pp. 1-15. doi:10.1111/1475-4932.12113 ISSN 0013-0249.
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Official URL: http://dx.doi.org/10.1111/1475-4932.12113
Abstract
We report an experimental study that aims to elicit monetary measures of strength of preference in choices involving pairs of risky prospects. Despite extensive testing to refine the instruments used, we find that these money measures are systematically biased upwards relative to subsequent binary choices. We discuss possible reasons for this bias and its broader implications.
| Item Type: | Journal Article | ||||||
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Economic Record | ||||||
| Publisher: | Blackwell | ||||||
| ISSN: | 0013-0249 | ||||||
| Official Date: | June 2014 | ||||||
| Dates: |
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| Volume: | 90 | ||||||
| Page Range: | pp. 1-15 | ||||||
| DOI: | 10.1111/1475-4932.12113 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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