Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/251441 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Working Paper No. 330
Versionsangabe: 
Revised version, February 2022
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
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.
Schlagwörter: 
Stochastic choice
strength of preference
decision errors
risk attitude
Entscheidungsfindung
Skalierung
Risikoverhalten
Nutzenfunktion
JEL: 
D01
D81
D91
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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