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UNDERSTANDING PREFERENCE IMPRECISION
Author(s) -
Bayrak Oben K.,
Hey John D.
Publication year - 2020
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/joes.12343
Subject(s) - vagueness , preference , randomness , term (time) , economics , positive economics , mathematical economics , econometrics , revealed preference , epistemology , mathematics , microeconomics , computer science , fuzzy logic , philosophy , statistics , artificial intelligence , physics , quantum mechanics
The term ‘preference imprecision’ seems to have different meanings to different people. In the literature, one can find references to a number of expressions. For example: vagueness, incompleteness, randomness, unsureness, indecisiveness and thick indifference curves. Some of these are theoretical constructs, some are empirical. The purpose of this paper is to survey the various different approaches and to try to link them together: to see if they are all addressed to the same issue, and to come to some conclusions. In the course of this survey, we report on evidence concerning the existence of preference imprecision, and its impact on theoretical and empirical work.