Choice consistency and strength of preference

Carlos Alós-Ferrer; Michele Garagnani

doi:10.1016/j.econlet.2020.109672

Choice consistency and strength of preference

Carlos Alós-Ferrer, Michele Garagnani

Economics

Research output: Contribution to journal › Article › peer-review

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.

Original language	English (US)
Article number	109672
Journal	Economics Letters
Volume	198
DOIs	https://doi.org/10.1016/j.econlet.2020.109672
State	Published - Jan 2021

Keywords

Choice consistency
Stochastic choice
Strength of preference

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/j.econlet.2020.109672

Cite this

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Choice consistency and strength of preference

Abstract

Keywords

ASJC Scopus subject areas

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