Incomplete preferences, willingness to pay, and willingness to accept

Robert G. Chambers (), Tigran Melkonyan () and John Quiggin
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Robert G. Chambers: University of Maryland

Economic Theory, 2022, vol. 74, issue 3, No 2, 727-761

Abstract: Abstract We derive representations of incomplete preferences in terms of willingness-to-pay measures. The paper demonstrates how these representations can be used to determine whether preferences are incomplete. We also study local approximations to incomplete preference structures and how attitudes to ambiguity affect willingness-to-pay measures.

Keywords: Incomplete preferences; Multiple priors; Translation function; Elicitation (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s00199-021-01375-4

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