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Measuring Constructed Preferences: Towards a Building Code

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  • Payne, John W
  • Bettman, James R
  • Schkade, David A

Abstract

A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architecture (building a set of values) rather than as archaeology (uncovering existing values). We describe potential faults in the process of preference construction, offer guidelines for measuring constructed preferences (a "building code") to mitigate these faults, and discuss how the code must be sensitive to the purpose of the valuation (design vs. prediction). Copyright 1999 by Kluwer Academic Publishers

Suggested Citation

  • Payne, John W & Bettman, James R & Schkade, David A, 1999. "Measuring Constructed Preferences: Towards a Building Code," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 243-270, December.
    • Handle: RePEc:kap:jrisku:v:19:y:1999:i:1-3:p:243-70
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