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On the measurement of strength of preference in units of money

Butler, D.J., Isoni, A., Loomes, G. and Navarro-Martinez, D. (2014) On the measurement of strength of preference in units of money. Economic Record, 90 (S1). pp. 1-15.

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We report an experimental study that aims to elicit monetary measures of strength of preference in choices involving pairs of risky prospects. Despite extensive testing to refine the instruments used, we find that these money measures are systematically biased upwards relative to subsequent binary choices. We discuss possible reasons for this bias and its broader implications.

Item Type: Journal Article
Murdoch Affiliation(s): School of Management and Governance
Publisher: Wiley
Copyright: Economic Society of Australia
Notes: Article first published online: 3 April 2014
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