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Choice consistency and strength of preference

Carlos Alós-Ferrer and Michele Garagnani ()

Economics Letters, 2021, vol. 198, issue C

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.

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)
Date: 2021
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DOI: 10.1016/j.econlet.2020.109672

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