On the Measurement of Strength of Preference in Units of Money

type="main" xml:id="ecor12113-abs-0001"> <p>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.

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Year of publication:	2014
Authors:	Butler, David ; Isoni, Andrea ; Loomes, Graham ; Navarro-Martinez, Daniel
Published in:	The Economic Record. - Economic Society of Australia - ESA, ISSN 1475-4932. - Vol. 90.2014, 06, p. 1-15
Publisher:	Economic Society of Australia - ESA

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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