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Do preference reversals disappear when we allow for probabilistic choice?
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Loomes, Graham and Pogrebna, Ganna (2017) Do preference reversals disappear when we allow for probabilistic choice? Management Science, 63 (1). 166 -184. doi:10.1287/mnsc.2015.2333 ISSN 0025-1909.
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Official URL: http://dx.doi.org/10.1287/mnsc.2015.2333
Abstract
The ‘preference reversal phenomenon’ – a systematic disparity between people’s valuations and choices – poses challenges for theory and policy. Using a very general formulation of probabilistic preferences, we show that the phenomenon is not mainly due to intransitive choice. We find a high degree of regularity within choice tasks and also within valuation tasks, but the two types of task appear to evoke very different cognitive processes, even when the experimental environment tries to minimise differences. We discuss possible implications for modelling and eliciting preferences.
Item Type: | Journal Article | ||||||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory Q Science > QA Mathematics |
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Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group) |
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Library of Congress Subject Headings (LCSH): | Stochastic models -- Economic aspects, Consumers' preferences -- Psychological aspects, Probabilities, Value | ||||||||||
Journal or Publication Title: | Management Science | ||||||||||
Publisher: | Institute for Operations Research and the Management Sciences (I N F O R M S) | ||||||||||
ISSN: | 0025-1909 | ||||||||||
Official Date: | January 2017 | ||||||||||
Dates: |
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Volume: | 63 | ||||||||||
Number: | 1 | ||||||||||
Page Range: | 166 -184 | ||||||||||
DOI: | 10.1287/mnsc.2015.2333 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||||
Date of first compliant deposit: | 1 March 2016 | ||||||||||
Funder: | Economic and Social Research Council (Great Britain) (ESRC), Leverhulme Trust (LT), Research Councils UK (RCUK) | ||||||||||
Grant number: | RES-051-27-0248, ES/K002201/1 (ESRC), RP2012-V-022 (LT), EPL023911/1 (RCUK) | ||||||||||
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