"Bi-matching": a new preference assessment method to reduce compatibility effects

Article Abstract:

Bidimensional matching, better known as 'bi-matching,' is a procedure that can be effectively used to elicit value- trade-offs while decreasing scale compatibility effects. This method can be used to examine preferences for lotteries and riskless multiattribute alternatives by comparing it with the simple matching procedure. In a battery of tests involving 247 participants, it was shown that bi-matching creates trade-offs between those acquired from matching the less important with the most important attribute. In addition, the trade-offs acquired from the selection reveal more relative weight on the most important attribute than those from bi-matching. Lastly, the procedure minimizes response error as opposed to standard matching techniques.

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Psychological structure and social structure in economic models

Article Abstract:

Economic theory is broken down into two parts. The first part uses simple models to explain individual action; the assumptions used to formulate economic models at this level are called the psychological assumptions of economics. The second part of economic theory attempts to model the collective behavior of individuals who have related or common goals; the embedded assumptions in these models are called the sociological assumptions of economic theory. These sociological and psychological underpinnings deviate from reality in a parallel fashion: there is more structure within individuals and between individuals than either assumption allows for.

Social aspects, Models, Rational expectations (Economics)

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Editor's comments: perspectives from economics and psychology

Article Abstract:

The disciplines of economics and psychology differ in the scope of phenomena studied, the object of study and the type of data used. Both sciences, however, are concerned with analyzing human choice behavior. Potentially beneficial areas of joint research are identified (such as marketing), as are areas in which each discipline could profit from the other, such as improved methodology.

Conferences, meetings and seminars, Comparative analysis, Economists, Psychology

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