'Irrational' stated preferences: a quantitative and qualitative investigation.

@article{Miguel2005IrrationalSP,
  title={'Irrational' stated preferences: a quantitative and qualitative investigation.},
  author={Fernando Fonseca San Miguel and Mandy Ryan and Mabelle Amaya-Amaya},
  journal={Health economics},
  year={2005},
  volume={14 3},
  pages={
          307-22
        }
}
Individuals' rationality has been a key issue long debated in Economics. While normative theories establish the way 'rational' consumers should behave, many empirical studies have documented numerous systematic violations of normative principles. This has led some to question the validity of classic economic models as an adequate approximation of individuals' real decision-making. This paper aims to shed more light on this debate. A stated preference choice experiment was set up to test… CONTINUE READING
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