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Preference Reversal

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Author Info
 Seidl, Christian

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Abstract

Preference reversal concerns a systematic divergence between prices of lotteries and subjects' expressed preferences for playing the respective lotteries. This article surveys the discovery of preference reversal by psychologists, its re-examination and corroboration both by psychologists and later on by (first sceptical) economists, as well as the causes of preference reversal. The preference reversal phenomenon has been explained to be caused by four determinants, viz. by the mode of elicitation of certainty equivalents, by intransitivity of preferences, by overpricing and/or underpricing of lotteries, and by nonlinear probabilities. Copyright 2002 by Blackwell Publishers Ltd

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Economic Surveys.

Volume (Year): 16 (2002)
Issue (Month): 5 (December)
Pages: 621-55
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Handle: RePEc:bla:jecsur:v:16:y:2002:i:5:p:621-55

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804

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  1. Graham Loomes & Chris Starmer & Robert Sugden, 2007. "Preference reversals and disparities between willingness to pay and willingness to accept in repeated markets," Discussion Papers 2007-10, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  2. Seidl, Christian & Camacho-Cuena, Eva & Morone, Andrea, 2003. "Income Distributions versus Lotteries Happiness, Response-Mode Effects, and Preference," Economics Working Papers 2003,01, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
  3. Yoram Amiel & Frank Cowell & Liema Davidovitz & Avraham Polovin, 2008. "Preference reversals and the analysis of income distributions," Social Choice and Welfare, Springer, vol. 30(2), pages 305-330, February. [Downloadable!] (restricted)
    Other versions:
  4. Carlsson, Fredrik & Frykblom, Peter & Lagerkvist, Carl-Johan, 2004. "Preferences With and Without Prices - does the price attribute affect behavior in stated preference surveys?," Working Papers in Economics 150, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  5. Stefan Traub, 2002. "Equitable taxation: Qualitative versus quantitative ratings," Journal of Economics, Springer, vol. 9(1), pages 223-240, December. [Downloadable!] (restricted)
  6. Christian Seidl & Stefan Traub & Andrea Morone, 2004. "Relative Deprivation, Personal Income Satisfaction, and Average Well-Being under Different Income Distributions," Experimental 0401004, EconWPA. [Downloadable!]
    Other versions:
  7. Graham Loomes, 2005. "Modelling the Stochastic Component of Behaviour in Experiments: Some Issues for the Interpretation of Data," Experimental Economics, Springer, vol. 8(4), pages 301-323, December. [Downloadable!] (restricted)
  8. David J. Butler & Graham C. Loomes, 2007. "Imprecision as an Account of the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 97(1), pages 277-297, March. [Downloadable!]
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This page was last updated on 2009-12-21.

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