Can ranking techniques elicit robust values?

Ian Bateman, Brett Day, Graham Loomes () and Robert Sugden

Journal of Risk and Uncertainty, 2007, vol. 34, issue 1, pages 49-66

Abstract: This paper reports two experiments which examine the use of ranking methods to elicit ‘certainty equivalent’ values. It investigates whether such methods are able to eliminate the disparities between choice and value which constitute the ‘preference reversal phenomenon’ and which thereby pose serious problems for both theory and policy application. The results show that ranking methods are vulnerable to distorting effects of their own, but that when such effects are controlled for, the preference reversal phenomenon, previously so strong and striking, is very considerably attenuated. Copyright Springer Science+Business Media, LLC 2007

Keywords: Preference reversal; Valuation; Ranking; Experiment (search for similar items in EconPapers)

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