The Harless-Camerer (HC), Hey-Orme (HO), and random preference (RP) models of stochastic variation in choice under uncertainty are compared. Implications of these models, including some that are independent of the deterministic theory with which they are combined, are tested in an experiment in...

During recent years, the contingent valuation (CV) method has been widely used to value non-marketed goods and services. The authors present the results of a CV study of the value of road safety. They find that stated preferences for road safety exhibit considerable imprecision, appear subject...

In this paper, the authors demonstrate that the assumption of "regret aversion," which has been invoked in regret theory to explain several well-documented violations of expected utility theory, also implies the existence of strict preferences between some stochastically equivalent actions and...