Beyond choice: investigating the sensitivity and validity of measures of strength of preference

D.J. Butler; A. Isoni; G. Loomes; K. Tsutsui

doi:10.1007/s10683-013-9383-7

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Beyond choice: investigating the sensitivity and validity of measures of strength of preference

Journal article

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Peer reviewed

Beyond choice: investigating the sensitivity and validity of measures of strength of preference

D.J. Butler, A. Isoni, G. Loomes and K. Tsutsui

Experimental Economics, Vol.17(4), pp.537-563

2014

DOI: https://doi.org/10.1007/s10683-013-9383-7

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Abstract

Many experiments investigating different decision theories have relied heavily on pairwise choices between lotteries. These are easy to incentivise, but often yield only limited dichotomous information. This paper considers whether respondents' judgments about their strength of preference (SoP) for one alternative over another can usefully supplement standard choice data. We report extensive evidence that such judgments show sensitivity to variations in question format and parameter values in the directions we should expect, not only within-subject but also between-sample. We illustrate how such judgments can usefully supplement standard pairwise choice data and enrich our understanding of observed behaviour.

Details

Title: Beyond choice: investigating the sensitivity and validity of measures of strength of preference
Authors/Creators: D.J. Butler (Author/Creator) - Murdoch University
A. Isoni (Author/Creator) - University of Warwick
G. Loomes (Author/Creator) - University of Warwick
K. Tsutsui (Author/Creator) - Frankfurt School of Finance & Management
Publication Details: Experimental Economics, Vol.17(4), pp.537-563
Publisher: Springer Verlag
Identifiers: 991005542443807891
Copyright: © The Author(s) 2013
Murdoch Affiliation: School of Management and Governance
Language: English
Resource Type: Journal article

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Collaboration types: Domestic collaboration; International collaboration
Citation topics: 6 Social Sciences; 6.122 Economic Theory; 6.122.1287 Risk Preferences
Web Of Science research areas: Economics
ESI research areas: Economics & Business