Choice consistency and strength of preference

Carlos Alós-Ferrer, Michele Garagnani

Research output: Contribution to journalArticlepeer-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 languageEnglish (US)
Article number109672
JournalEconomics Letters
Volume198
DOIs
StatePublished - Jan 2021

Keywords

  • Choice consistency
  • Stochastic choice
  • Strength of preference

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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