Eliciting welfare preferences from behavioural data sets

Ariel Rubinstein*, Yuval Salant

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

55 Scopus citations

Abstract

An individual displays various preference orderings in different payoff-irrelevant circumstances. It is assumed that the variation in the observed preference orderings is the outcome of some cognitive process that distorts the underlying preferences of the individual. We introduce a framework for eliciting the individual's underlying preferences in such cases and then demonstrate it for two cognitive processes-satisficing and small assessment errors.

Original languageEnglish (US)
Pages (from-to)375-387
Number of pages13
JournalReview of Economic Studies
Volume79
Issue number1
DOIs
StatePublished - Jan 1 2012

Keywords

  • Behavioural data set
  • Bounded rationality
  • Preferences
  • Welfare analysis

ASJC Scopus subject areas

  • Economics and Econometrics

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