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Imprecision as an account of the preference reversal phenomenon
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Butler, David J. and Loomes, Graham (2007) Imprecision as an account of the preference reversal phenomenon. American Economic Review, 97 (1). pp. 277-297. doi:10.1257/aer.97.1.277
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Official URL: http://dx.doi.org/10.1257/aer.97.1.277
Abstract
Many individuals' choices and valuations involve a degree of uncertainty/imprecision. This paper reports an experiment designed to obtain some measure of imprecision and to examine the extent to which it can explain preference reversals of two opposite forms, one of which appears not to have been reported previously. The model of imprecision we examine not only predicts both patterns but also provides an account of earlier results that are otherwise not well explained. The results suggest that any successful descriptive theory of choice and valuation will need to allow in some way for the imprecision surrounding people's decisions. (JEL C91, D11, D81)
| Item Type: | Journal Article | ||||
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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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| Journal or Publication Title: | American Economic Review | ||||
| Publisher: | American Economic Association | ||||
| ISSN: | 0002-8282 | ||||
| Official Date: | 2007 | ||||
| Dates: |
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| Volume: | 97 | ||||
| Number: | 1 | ||||
| Page Range: | pp. 277-297 | ||||
| DOI: | 10.1257/aer.97.1.277 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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