Journal article
On the measurement of strength of preference in units of money
Economic Record, Vol.90(S1), pp.1-15
2014
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.
Details
- Title
- On the measurement of strength of preference in units of money
- Authors/Creators
- D.J. Butler (Author/Creator)A. Isoni (Author/Creator)G. Loomes (Author/Creator)D. Navarro-Martinez (Author/Creator)
- Publication Details
- Economic Record, Vol.90(S1), pp.1-15
- Publisher
- Wiley
- Identifiers
- 991005544417807891
- Copyright
- Economic Society of Australia
- Murdoch Affiliation
- School of Management and Governance
- Language
- English
- Resource Type
- Journal article
- Note
- Article first published online: 3 April 2014
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- Collaboration types
- Domestic collaboration
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- 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