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Revisiting the diagnosis of intertemporal preference reversals
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Li, Zhihua and Loomes, Graham (2022) Revisiting the diagnosis of intertemporal preference reversals. Journal of Risk and Uncertainty, 64 . pp. 19-41. doi:10.1007/s11166-022-09369-w ISSN 0895-5646.
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Official URL: https://doi.org/10.1007/s11166-022-09369-w
Abstract
Intertemporal preference reversals occur when individuals choose future option A over future option B in a direct choice between the two but place a higher ‘immediate cash’ value on B than on A. Tversky et al. (1990) reported strong evidence of such reversals, which they attributed mainly to valuation biases rather than intransitivity. We find similar levels of reversals, even after adjusting for considerable degrees of variability and imprecision in people’s responses. However, we disagree with Tversky et al.’s conclusions about the causes of the majority of these reversals. We find substantial levels of intransitivity in respondents’ binary choices as well as differential overvaluation of both options relative to the values inferred from their choices.
| Item Type: | Journal Article | |||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Risk management, Choice, Utility theory, Decision making -- Mathematical models | |||||||||
| Journal or Publication Title: | Journal of Risk and Uncertainty | |||||||||
| Publisher: | Springer New York LLC | |||||||||
| ISSN: | 0895-5646 | |||||||||
| Official Date: | February 2022 | |||||||||
| Dates: |
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| Volume: | 64 | |||||||||
| Page Range: | pp. 19-41 | |||||||||
| DOI: | 10.1007/s11166-022-09369-w | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Access rights to Published version: | Open Access (Creative Commons) | |||||||||
| Date of first compliant deposit: | 17 December 2021 | |||||||||
| Date of first compliant Open Access: | 11 March 2022 | |||||||||
| RIOXX Funder/Project Grant: |
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