We make the case that psychologists should make wider use of structural econometric methods. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these models have been developed for a...

The random preference (RP) model provides an integral framework for modeling within-individual heterogeneity in choice behavior, by attributing this heterogeneity to preference parameters in the underlying theory of risk attitudes instead of an additive error term that is external to the theory....

We propose the use of Bayesian estimation of risk preferences of individuals for applications of behavioral welfare economics to evaluate observed choices that involve risk. Bayesian estimation provides more systematic control of the use of informative priors over inferences about risk...