Measuring Constructed Preferences: Towards a Building Code

A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architecture (building a set of values) rath...

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Bibliographic Details
Published inJournal of risk and uncertainty Vol. 19; no. 1/3; pp. 243 - 270
Main Authors PAYNE, JOHN W., BETTMAN, JAMES R., SCHKADE, DAVID A.
Format Journal Article
LanguageEnglish
Published New York Kluwer Academic Publishers 01.12.1999
Springer Nature B.V
Subjects
Archaeology
Building codes
Cognitive models
Construction
Decision making
Decision theory
Economic behaviour
Economic theory
Economic value
Environmental management
Expected utility
Information economics
Judgment
Marketing
Measurement
Memory
Preferences
Risk
Tradeoffs
Uncertainty
Valuation
Value judgments
United States > US
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Summary:A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architecture (building a set of values) rather than as archaeology (uncovering existing values). We describe potential faults in the process of preference construction, offer guidelines for measuring constructed preferences (a "building code") to mitigate these faults, and discuss how the code must be sensitive to the purpose of the valuation (design vs. prediction).
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:0895-5646
1573-0476
DOI:10.1023/a:1007843931054