Strength of preference and decisions under risk

Carlos Alós-Ferrer, Michele Garagnani

Research output: Contribution to journalArticlepeer-review


Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and “strength of preference,” in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions under risk, these effects are largely untested, because models used to fit data assume them. Further, the dimension underlying strength of preference remains unclear in economics, with candidates including payoff-irrelevant numerical magnitudes. We provide a systematic, out-of-sample empirical validation of these relations (both for choices and response times) relying on both a new experimental design and simulations.

Original languageEnglish (US)
Pages (from-to)309-329
Number of pages21
JournalJournal of Risk and Uncertainty
Issue number3
StatePublished - Jun 2022


  • D01
  • D81
  • D91
  • Decision errors
  • Risk attitude
  • Stochastic choice
  • Strength of preference

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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