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Choice consistency and strength of preference


Alós-Ferrer, Carlos; Garagnani, Michele (2021). Choice consistency and strength of preference. Economics Letters, 198(109672):online.

Abstract

Even when presented with the same choices multiple times, humans often make different decisions. We re-analyze data from five experiments using repeated choices in the domain of risky and inter-temporal choices and show that choice consistency is directly linked to cardinal differences in independently-estimated utilities. Strength of preference is monotonically related to choice consistency, with choices being more inconsistent when the alternatives are more similar in preference terms.

Abstract

Even when presented with the same choices multiple times, humans often make different decisions. We re-analyze data from five experiments using repeated choices in the domain of risky and inter-temporal choices and show that choice consistency is directly linked to cardinal differences in independently-estimated utilities. Strength of preference is monotonically related to choice consistency, with choices being more inconsistent when the alternatives are more similar in preference terms.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Finance
Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Economics and econometrics, finance, choice consistency, stochastic choice, strength of preference
Language:English
Date:January 2021
Deposited On:07 Jan 2021 07:49
Last Modified:11 May 2021 09:01
Publisher:Elsevier
ISSN:0165-1765
OA Status:Hybrid
Publisher DOI:https://doi.org/10.1016/j.econlet.2020.109672

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