Decision making heuristics and the elicitation of preferences: being fast and frugal about the future

by: John Cairns, Marjon van der Pol, Andrew Lloyd

Health Economics, Vol. 11, No. 7. (31 May 2002), pp. 655-658.

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Abstract

It has been suggested that individuals employ simple decision heuristics when answering stated preference questions. Evidence from discrete choice experiments of individuals failing to trade may indicate that they employ simple decision making heuristics. However, individuals might not trade because their preferences are not captured by the range of trade-offs they are offered. This is explored by offering a series of choices where the trade-offs implied by subsequent choices depend on the subject's responses to previous choices. The results suggest that individuals answer discrete choices without recourse to simplifying heuristics, and that information is generated on their preferences rather than on how they make such choices. Copyright © 2002 John Wiley & Sons, Ltd.

@article{citeulike:369245, abstract = {It has been suggested that individuals employ simple decision heuristics when answering stated preference questions. Evidence from discrete choice experiments of individuals failing to trade may indicate that they employ simple decision making heuristics. However, individuals might not trade because their preferences are not captured by the range of trade-offs they are offered. This is explored by offering a series of choices where the trade-offs implied by subsequent choices depend on the subject's responses to previous choices. The results suggest that individuals answer discrete choices without recourse to simplifying heuristics, and that information is generated on their preferences rather than on how they make such choices. Copyright \© 2002 John Wiley \& Sons, Ltd.}, author = {Cairns, John and van der Pol, Marjon and Lloyd, Andrew }, citeulike-article-id = {369245}, doi = {10.1002/hec.720}, issn = {1099-1050}, journal = {Health Economics}, keywords = {bounded-rationality, choice, decision-making, preferences}, month = {May}, number = {7}, pages = {655--658}, posted-at = {2005-10-28 17:42:53}, priority = {3}, title = {Decision making heuristics and the elicitation of preferences: being fast and frugal about the future}, url = {http://dx.doi.org/10.1002/hec.720}, volume = {11}, year = {2002} }

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TY - JOUR ID - citeulike:369245 L3 - citeulike-article-id:369245 TI - Decision making heuristics and the elicitation of preferences: being fast and frugal about the future JF - Health Economics VL - 11 IS - 7 SP - 655 EP - 658 SN - 1099-1050 N2 - It has been suggested that individuals employ simple decision heuristics when answering stated preference questions. Evidence from discrete choice experiments of individuals failing to trade may indicate that they employ simple decision making heuristics. However, individuals might not trade because their preferences are not captured by the range of trade-offs they are offered. This is explored by offering a series of choices where the trade-offs implied by subsequent choices depend on the subject's responses to previous choices. The results suggest that individuals answer discrete choices without recourse to simplifying heuristics, and that information is generated on their preferences rather than on how they make such choices. Copyright © 2002 John Wiley & Sons, Ltd. KW - bounded-rationality KW - choice KW - decision-making KW - preferences AU - Cairns, John AU - van der Pol, Marjon AU - Lloyd, Andrew PY - 2002/05/31/ UR - http://dx.doi.org/10.1002/hec.720 ER -

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