Artikel
Time Will Tell: Recovering Preferences When Choices Are Noisy
When choice is stochastic, revealed preference analysis often relies on random utility models. However, it is impossible to infer preferenceswithout assumptions on the distribution of utility noise. We show that this difficulty can be overcome by using response time data. A simple condition on response time distributions ensures that choices reveal preferences without distributional assumptions. Standard models from economics and psychology generate data fulfilling this condition. Sharper results are obtained under symmetric or Fechnerian noise, where response times allow uncovering preferences or predicting choice probabilities out of sample. Application of our tools is simple and generates remarkable prediction accuracy.
- Sprache
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Englisch
- Erschienen in
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Journal: Journal of Political Economy ; ISSN: 1537-534X ; Volume: 129 ; Year: 2021 ; Issue: 6 ; Pages: 1828-1877 ; Chicago, IL: University of Chicago Press
- Klassifikation
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Wirtschaft
- Ereignis
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Geistige Schöpfung
- (wer)
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Alós-Ferrer, Carlos
Fehr, Ernst
Netzer, Nick
- Ereignis
-
Veröffentlichung
- (wer)
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University of Chicago Press
ZBW – Leibniz Information Centre for Economics
- (wo)
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Chicago, IL
- (wann)
-
2021
- DOI
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doi:10.1086/713732
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Alós-Ferrer, Carlos
- Fehr, Ernst
- Netzer, Nick
- University of Chicago Press
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2021
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