Choice consistency and strength of preference
Carlos Alós-Ferrer () and
Michele Garagnani ()
Economics Letters, 2021, vol. 198, issue C
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.
Keywords: Choice consistency; Stochastic choice; Strength of preference (search for similar items in EconPapers)
JEL-codes: D01 D81 D91 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:198:y:2021:i:c:s0165176520304328
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