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Non-Transitive Choice: Event-Splitting Effects or Framing Effects?

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Author Info
Humphrey, Steven J
Abstract

Recent studies have examined possible causes of the robust empirical failure of the transitivity axiom of expected utility theory by pitting regret aversion against alternative explanations such as event-splitting effects. These tests show that cycles replicate when the latter are controlled, but are sensitive to changes in problem representation. The control for event-splitting effects, however, does not rule out their contribution to cyclical choices in some circumstances. An experiment is reported which investigates this possibility. Cyclical choices are observed that cannot be due to event-splitting effects, but appear attributable to within-event and between-act evaluations of decision problems plus framing effects. Copyright 2001 by The London School of Economics and Political Science

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

Volume (Year): 68 (2001)
Issue (Month): 269 (February)
Pages: 77-96
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Handle: RePEc:bla:econom:v:68:y:2001:i:269:p:77-96

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  1. 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!]
  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. 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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