Predicting Consumer Behavior with Elicited Preferences: Challenges and Advances

Comparisons to Four Benchmarks Prof Daniel Bartels, The University of Chicago Booth School of Business, USA Mr. Soaham Bharti, University of Chicago Booth School of Business, USA Dr. Ye Li, University of California Riverside, USA Paper #2: Measuring Stable Noise in Consumers' Intertemporal Preferences Dr. Antonia Krefeld-Schwalb, Rotterdam School of Management, Erasmus University, Netherlands Dr. Eric J. Johnson, Columbia Business School, USA SESSION OVERVIEW The measurement of consumer preferences is of central importance for marketing and consumer research. [...]most choice theories assume or estimate time preferences-i.e., how much value an outcome retains as it is delayed-to describe or predict these behaviors. In Study 1, participants self-reported 36 behaviors ranging from finance (paying credit card balance in full, savings decisions), to health (dental cleanings, physical activity), to personal prudence (education level, driving recklessly).