Scandinavian Working Papers in Economics

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

No 2018:2: Understanding the Preference Imprecision

Oben K. Bayrak ()
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Oben K. Bayrak: CERE - the Center for Environmental and Resource Economics, Postal: Department of Economics, Swedish University of Agricultural Sciences 90183, UmeƄ, Sweden

Abstract: The idea of preference imprecision challenges an underlying assumption in economics: individuals make choices between options confidently and they can articulate their subjective valuations for goods in terms of single precise amounts. In this paper, I review different strands of literature related to preference imprecision. Besides distilling conclusions from the existing literature, I also initiate a discussion on modelling the imprecision from a deterministic perspective by introducing two new frameworks.

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

JEL-codes: D80; D81

26 pages, January 15, 2018

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