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Time Preference and Preference Reversal among Experienced Subjects: The Effects of Real Payments

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  • Bohm, Peter
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    Abstract

    Preference reversal has been frequent in tests with hypothetical, or small real, payoffs concerning lotteries as well as claims redeemable at different future dates. Preference reversal is tested here for the latter case with nontrivial payment levels and subjects likely to deal with decisions of this type. It is found that replacing hypothetical by real-payment tests reduces preference reversal rates from 62 percent to 15 percent for subjects 'predicted' to reverse preferences and that the real overall preference reversal rate (before correcting for response errors) is 19 percent , much lower than in earlier studies. Copyright 1994 by Royal Economic Society.

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    Bibliographic Info

    Article provided by Royal Economic Society in its journal The Economic Journal.

    Volume (Year): 104 (1994)
    Issue (Month): 427 (November)
    Pages: 1370-78

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    Handle: RePEc:ecj:econjl:v:104:y:1994:i:427:p:1370-78

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    Cited by:
    1. John A. List, 2004. "Young, Selfish and Male: Field evidence of social preferences," Economic Journal, Royal Economic Society, vol. 114(492), pages 121-149, 01.
    2. Lefèbvre, Mathieu & Vieider, Ferdinand M. & Villeval, Marie Claire, 2009. "The Ratio Bias Phenomenon: Fact or Artifact?," IZA Discussion Papers 4546, Institute for the Study of Labor (IZA).
    3. Takeuchi, Kan, 2011. "Non-parametric test of time consistency: Present bias and future bias," Games and Economic Behavior, Elsevier, vol. 71(2), pages 456-478, March.
    4. Holgar Müller & Eike Benjamin Kroll & Bodo Vogt, 2009. "Fact or Artifact Does the compromise effect occur when subjects face real consequences of their choices?," FEMM Working Papers 09009, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
    5. Todd L. Cherry & Jason F. Shogren, 2002. "Rationality Crossovers," Working Papers 02-03, Department of Economics, Appalachian State University.
    6. Berg, Joyce E. & Dickhaut, John W. & Rietz, Thomas A., 2010. "Preference reversals: The impact of truth-revealing monetary incentives," Games and Economic Behavior, Elsevier, vol. 68(2), pages 443-468, March.
    7. Kaisa Herne, 1999. "The Effects of Decoy Gambles on Individual Choice," Experimental Economics, Springer, vol. 2(1), pages 31-40, August.

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