CERE Working Papers,
CERE - the Center for Environmental and Resource Economics

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; stochastic specifications; incommensurability; anomalies; valuation gap; preference imprecision; strength of preference; SoP; economic preferences; interval valuations

JEL-codes: D00; D80; D81

31 pages, First version: January 15, 2018. Revised: January 28, 2019. Earlier revisions: January 17, 2019, January 17, 2019.

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