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Probability and Juxtaposition Effects: An Experimental Investigation of the Common Ratio Effect

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Author Info
 Starmer, Chris
Sugden, Robert

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Abstract

Several theories explain the common ratio effect as probability effect resulting from properties of individuals' preference ordering over probability distributions of consequences. In contrast, regret theory explains it as the result of changes in the juxtaposition of consequences in the action/state matrix. This article reports an experiment that allowed probability effects and juxtaposition effects to be separately identified for some common ratio problems, some of which involved real gains and others, real losses. The main finding is that changes in the juxtaposition of consequences have systematic effects of choices in the direction predicted by regret theory. Copyright 1989 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 2 (1989)
Issue (Month): 2 (June)
Pages: 159-78
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Handle: RePEc:kap:jrisku:v:2:y:1989:i:2:p:159-78

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  1. John Hey, 2005. "Why We Should Not Be Silent About Noise," Experimental Economics, Springer, vol. 8(4), pages 325-345, December. [Downloadable!] (restricted)
  2. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, vol. 1(2), pages 115-131, September. [Downloadable!] (restricted)
  3. Seidl, C. & Traub, S., 1996. "Testing decision rules for multiattribute decision making," Discussion Paper 92, Tilburg University, Center for Economic Research. [Downloadable!]
  4. Seidl, C. & Traub, S., 1996. "Rational choice and the relevance of irrelevant alternatives," Discussion Paper 91, Tilburg University, Center for Economic Research. [Downloadable!]
  5. William S. Neilson, 1993. "An Expected Utility-User's Guide to Nonexpected Utility Experiments," Eastern Economic Journal, Eastern Economic Association, vol. 19(3), pages 257-274, Summer. [Downloadable!]
  6. Pavlo Blavatskyy, . "Efficient elicitation of utility and probability weighting functions," IEW - Working Papers iewwp211, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  7. Pavlo R. Blavatskyy, . "A Stochastic Expected Utility Theory," IEW - Working Papers iewwp231, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  8. Gijs Kuilen & Peter Wakker, 2006. "Learning in the Allais paradox," Journal of Risk and Uncertainty, Springer, vol. 33(3), pages 155-164, December. [Downloadable!] (restricted)
  9. 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!]
  10. Robin P. Cubitt & Chris Starmer & Robert Sugden, 2001. "Discovered preferences and the experimental evidence of violations of expected utility theory," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(3), pages 385-414, November. [Downloadable!] (restricted)
  11. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March. [Downloadable!] (restricted)
  12. Pavlo R. Blavatskyy, . "Axiomatization of a Preference for Most Probable Winner," IEW - Working Papers iewwp230, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  13. Ulrich Schmidt & Chris Starmer & Robert Sugden, 2008. "Third-generation prospect theory," Journal of Risk and Uncertainty, Springer, vol. 36(3), pages 203-223, June. [Downloadable!] (restricted)
  14. Wilcox, Nathaniel, 2007. "Stochastically more risk averse: A contextual theory of stochastic discrete choice under risk," MPRA Paper 11851, University Library of Munich, Germany. [Downloadable!]
  15. Pavlo Blavatskyy, 2007. "Stochastic expected utility theory," Journal of Risk and Uncertainty, Springer, vol. 34(3), pages 259-286, June. [Downloadable!] (restricted)
  16. Mohammed Abdellaoui & Olivier l’Haridon & Horst Zank, 2009. "Separating Curvature and Elevation: A Parametric Weighting Function," The School of Economics Discussion Paper Series 0901, Economics, The University of Manchester. [Downloadable!]
  17. Robert Chambers & Tigran Melkonyan, 2008. "Eliciting beliefs," Theory and Decision, Springer, vol. 65(4), pages 271-284, December. [Downloadable!] (restricted)
  18. Bruno S. Frey, . "Knight Fever towards an Economics of Awards," IEW - Working Papers iewwp239, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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