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Testing Alternative Explanations of Cyclical Choices

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Author Info
Starmer, Chris
Sugden, Robert

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Abstract

In two previously reported experiments, Graham Loomes, Chris Starmer, and Robert Sugden have found that choices are systematically nontransitive, following a pattern of 'cycling asymmetry' predicted by regret theory. However, there are other potential explanations for these observations. This paper reports four experiments designed to discriminate between alternative explanations. There are three main findings. First, when the original experiments are replicated, the same cycling asymmetry is found. Second, this pattern is not the result of event-splitting effects. Third, both the frequency and the asymmetry of cycles are greater when choice problems are presented in act/event matrices than when the options are described separately. Copyright 1998 by The London School of Economics and Political Science

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 65 (1998)
Issue (Month): 259 (August)
Pages: 347-61
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Handle: RePEc:bla:econom:v:65:y:1998:i:259:p:347-61

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  1. Daniel Krähmer & Rebecca Stone, 2005. "Regret in Dynamic Decision Problems," Discussion Papers 71, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  2. Ulrich Schmidt & Chris Starmer & Robert Sugden, 2005. "Explaining preference reversal with third-generation prospect theory," Discussion Papers 2005-19, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  3. Birnbaum, Michael H. & Schmidt, Ulrich, 2006. "Empirical Tests of Intransitivity Predicted by Models of Risky Choice," Economics working papers 2006,10, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
  4. Ulrich Schmidt & Michael Stolpe, 2008. "Transitivity in Health Utility Measurement: An Experimental Analysis," Kiel Working Papers 1412, Kiel Institute for the World Economy. [Downloadable!]
  5. Michael H. Birnbaun & Ulrich Schmidt, 2008. "An Experimental Investigation of Violations of Transitivity in Choice under Uncertainty," Kiel Working Papers 1396, Kiel Institute for the World Economy. [Downloadable!]
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