Imprecision as an account of violations of independence and betweenness

► Choices are not always based on stable, well-articulated preferences. ► Our experiment using choices over lottery pairs allows subjects to express imprecision. ► Results reveal significant imprecision intervals in lottery valuation. ► The size of the imprecision intervals reflect the range of non-dominated alternatives. ► A simple model of imprecise preferences predicts the observed violations of EUT.