A survey-based procedure for measuring uncertainty or heterogeneous preferences in markets
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Publication
2006 - Division of Research, Harvard Business School, Boston, Massachusetts
Language
English
Word Count
6,000 words, Guess
Page Count
24 pages
Identifiers
- Open LibraryOL57683419M
- OCLC Control Number64588772
Description
This paper shows how surveys can be used to generate a measure of the amount of information and/or heterogeneity of preferences within a market. This measure can be employed as a regressor in empirical work where variance in the dependent variable (e.g., auction prices, retail price dispersion, or investment choices in stocks, R&D, or education) might be explained by uncertainty about the value of the item being sold or the returns to investment choice and/or heterogeneous preferences in the market. The effects of incomplete information and heterogeneous preferences are usually relegated to the error term, which a) confounds these effects with other drivers of the error term and b) could lead to heteroskedasticity at best or omitted variable bias at worst.
Subjects
Series Statement
- Working paper / Division of Research, Harvard Business School -- 06-009
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