Beyond choice: Investigating the sensitivity and validity of measures of strength of preference

David Butler, Andrea Isoni, Graham Loomes, Kei Tsutsui

Research output: Contribution to journalArticle

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Abstract

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 (SoP) for one alternative over another can usefully supplement standard choice data. We report extensive evidence that such judgments show sensitivity to variations in question format and parameter values in the directions we should expect, not only within-subject but also between-sample. We illustrate how such judgments can usefully supplement standard pairwise choice data and enrich our understanding of observed behaviour.
Original languageEnglish
Pages (from-to)537-563
Number of pages27
JournalExperimental Economics
Volume17
Issue number4
Early online date30 Nov 2013
DOIs
Publication statusPublished - 31 Dec 2014

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