Chapter 104 Preference Reversals

摘要: Publisher Summary Study of preference reversals originated with cognitive psychologists and has spread to experimental economics because it is directly relevant the empirical validity economic theories decision-making under uncertainty. A reversal experiment involves paired choice valuation responses, usually over simple two-outcome gambles. Subjects are asked choose which a pair gambles they want play. They also place minimum selling prices on in an context telling truth dominant strategy. occurs when subject places lower price gamble that he/she chooses than other pair. Preference call into question theory provide support for conclusion preferences subjects reveal vary response mode (choice or valuation) used elicit preferences.