If a respondent answers in a way that is inconsistent with utility theory, we call this a preference error.
RELIABILITY OF STATED PREFERENCES FOR CHOLERA AND TYPHOID VACCINES WITH TIME TO THINK IN HUE, VIETNAM
Some people can't even be trusted to get the simplest things right. Surely ensuring your preferences are consistent with utility theory is not that difficult. I guess that's what happens when you try to do research on peasants.
What is ‘utility theory’?
Janet / 6:33pm / 10 October 2007
It’s a set of assumptions about how people conceive of welfare. Mostly to do with rationality and consistency. Generally, they’re pretty reasonable. But in practice what looks like violation of the theory is often just a measurement problem.
Ryan / 12:31am / 11 October 2007