Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/251441 
Year of Publication: 
2022
Series/Report no.: 
Working Paper No. 330
Version Description: 
Revised version, February 2022
Publisher: 
University of Zurich, Department of Economics, Zurich
Abstract: 
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions under risk, these effects are largely untested, because models used to fit data assume them. Further, the dimension underlying strength of preference remains unclear in economics, with candidates including payoff-irrelevant numerical magnitudes. We provide a systematic, out-of-sample empirical validation of these relations (both for choices and response times) relying on both a new experimental design and simulations.
Subjects: 
Stochastic choice
strength of preference
decision errors
risk attitude
Entscheidungsfindung
Skalierung
Risikoverhalten
Nutzenfunktion
JEL: 
D01
D81
D91
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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