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...

Models of stochastic choice are intended to capture the substantial amount of noise observed in decisions under risk. We present an experimental test of one model, which many regard as the default—the Basic Fechner model. We consider one of the model’s key assumptions—that the noise around...

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...</p>

This paper presents an aspiration-satisficing model of consumer search under limited information where no optimal strategy is defined. The model is contrasted with the Hey (1982, 1987) 'bounce rules.' Experimental evidence is presented which, in this environment, lends support for the former...

In an earlier paper we put forward a model of imprecise preferences which accounted for various forms of preference reversal. In this paper we show that the same model can also explain the best-known violations of expected utility theory's axioms of independence and betweenness. It appears that...

Book reviewed Copyright Blackwell Publishers Ltd, 2005.

Many individuals' choices and valuations involve a degree of uncertainty/imprecision. This paper reports an experiment designed to obtain some measure of imprecision and to examine the extent to which it can explain preference reversals of two opposite forms, one of which appears not to have...

The tension between cooperative and selfish impulses is a challenge for every society. But how is this problem perceived by individual participants in the context of a behavioral games experiment? We first assess individual differences in players' propensity to cooperate or defect in a series of...