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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

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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
Divisions: Faculty of Social Sciences > Warwick Business School > Behavioural Science
Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: American Economic Review
Publisher: American Economic Association
ISSN: 0002-8282
Official Date: 2007
Dates:
DateEvent
2007Published
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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