Are preferences complete?An experimental measurement of indecisivenessunder risk

We propose an experimental design allowing a behavioral test of the axiom ofcompleteness of individual preferences. The central feature of our design consistsin enabling subjects to postpone commitment at a small cost. Our main result isthat preferences are significantly incomplete. We use lotteries as choice alternatives and we find that risk aversion is globally robust to preference incompleteness.

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Year of publication:	2006-08-01
Authors:	Danan, Eric ; Ziegelmeyer, Anthony
Institutions:	Max-Planck-Institut für Ökonomik <Jena> / Abteilung Strategische Interaktion
Subject:	Risikoaversion \| Experimentelle Wirtschaftsforschung \| experiment \| Indifferenz \| indierencevaluation

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Extent:	559104 bytes 43 p. application/pdf
Series:	Max-Planck-Institut für Ökonomik - Papers on Strategic Interaction Discussion Paper ; 0601 (2006)
Type of publication:	Book / Working Paper
Language:	English
Classification:	C91 - Laboratory, Individual Behavior ; D11 - Consumer Economics: Theory ; Forecast, decision making ; Consumer behaviour ; Simulation methods ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005866755