Murdoch University Research Repository

Welcome to the Murdoch University Research Repository

The Murdoch University Research Repository is an open access digital collection of research
created by Murdoch University staff, researchers and postgraduate students.

Learn more

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.

[img]
Preview
PDF - Authors' Version
Download (204kB)
Link to Published Version: http://dx.doi.org/10.1111/1475-4932.12113
*Subscription may be required

Abstract

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: School of Management and Governance
Publisher: Wiley
Copyright: Economic Society of Australia
Notes: Article first published online: 3 April 2014
URI: http://researchrepository.murdoch.edu.au/id/eprint/22671
Item Control Page Item Control Page

Downloads

Downloads per month over past year