There is wide-ranging evidence, much of it deriving from economics experiments, of ‘anomalies’ in behaviour that challenge standard preference theories. This paper explores the implications of these anomalies for preference elicitation methods. Because methods that are used to inform public...

The paper reports an experiment which tests the principle of separability, i.e. that behaviour in a dynamic choice problem is independent of history and of unreachable eventualities. Although this is a well-known principle of orthodox decision theory and central to conventional economic...

This paper investigates whether the preference reversal phenomenon can be accommodated by a stochastic model of expected utility. The model is based on Loomes and Sugden's (European Economic Review, 1995) theory of random preference. Its central assumption is that each individual has a set of...