Understanding Preference Imprecision

31 Pages Posted: 11 Jan 2019 Last revised: 28 Mar 2019

See all articles by Oben Bayrak

Oben Bayrak

Swedish University of Agricultural Sciences (SLU) - Centre for Environmental and Resource Economics (CERE), Students ; Centre for Environmental and Resource Economics

John D. Hey

University of York (UK); University of Bari - Faculty of Economics

Date Written: January 2, 2019

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.

Keywords: preference imprecision, stochastic models, anomalies, incompleteness, equivalence interval, vagueness, strength of preference

JEL Classification: D0, D80, D81

Suggested Citation

Bayrak, Oben and Hey, John D., Understanding Preference Imprecision (January 2, 2019). Available at SSRN: https://ssrn.com/abstract=3309108 or http://dx.doi.org/10.2139/ssrn.3309108

Oben Bayrak (Contact Author)

Swedish University of Agricultural Sciences (SLU) - Centre for Environmental and Resource Economics (CERE), Students ( email )

Umeå
Sweden

HOME PAGE: http://https://sites.google.com/view/obenbayrak

Centre for Environmental and Resource Economics ( email )

Umeå University
Umeå, S-901 87
Sweden

HOME PAGE: http://https://sites.google.com/view/obenbayrak

John D. Hey

University of York (UK) ( email )

Heslington
York YO10 5DD
United Kingdom
44 904 433575 (Phone)
44 904 433575 (Fax)

University of Bari - Faculty of Economics

Piazza Cesare Battisti 1
Bari, Taranto 70121
Italy

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