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Understanding Preference Imprecision

Author

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  • Oben K. Bayrak
  • John D. Hey

Abstract

The term ‘preference imprecision’ seems to have different meanings to different people. In the literature, one can find references to a number of expressions. For example: vagueness, incompleteness, randomness, unsureness, indecisiveness and thick indifference curves. Some of these are theoretical constructs, some are empirical. The purpose of this paper is to survey the various different approaches and to try to link them together: to see if they are all addressed to the same issue, and to come to some conclusions. In the course of this survey, we report on evidence concerning the existence of preference imprecision, and its impact on theoretical and empirical work.

Suggested Citation

  • Oben K. Bayrak & John D. Hey, 2020. "Understanding Preference Imprecision," Journal of Economic Surveys, Wiley Blackwell, vol. 34(1), pages 154-174, February.
    • Handle: RePEc:bla:jecsur:v:34:y:2020:i:1:p:154-174
    DOI: 10.1111/joes.12343
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    Cited by:

    1. Luca Rigotti & Arie Beresteanu, 2021. "Identification of Incomplete Preferences," Papers 2108.06282, arXiv.org, revised Jun 2022.
    2. Oben K. Bayrak & John D. Hey, 2020. "Decisions under risk: Dispersion and skewness," Journal of Risk and Uncertainty, Springer, vol. 61(1), pages 1-24, August.
    3. Cheng, Haotian & Zhang, Tong & Lambert, Dayton M. & Feuz, Ryan, 2023. "An empirical comparison of conjoint and best-worst scaling case III methods," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 106(C).
    4. Qiyan Ong & Jianying Qiu, 2023. "Paying for randomization and indecisiveness," Journal of Risk and Uncertainty, Springer, vol. 67(1), pages 45-72, August.
    5. Liu Shi & Jianying Qiu & Jiangyan Li & Frank Bohn, 2024. "Consciously stochastic in preference reversals," Journal of Risk and Uncertainty, Springer, vol. 68(3), pages 255-297, June.

    More about this item

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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