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Behaviour under Uncertainty without Preference Reversal: A Field Experiment

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  • Bohm, Peter
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    Abstract

    The robust laboratory evidence of preference reversal for lotteries has been interpreted as a threat to the general validity of standard theories of decision-making under uncertainty. This evidence is obtained from laboratory, that is, not real-world, lotteries with subjects who have not sought to make decisions among such lotteries. Here, the prevalence of preference reversal is studied in a field experiment with used cars, that is, a case of real-world non-trivial, non-lottery--but still payoff-uncertain--choice objects, and with subjects who registered as potential buyers of such cars. No sign of preference reversal was observed.

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    Bibliographic Info

    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 19 (1994)
    Issue (Month): 2 ()
    Pages: 185-200

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    Handle: RePEc:spr:empeco:v:19:y:1994:i:2:p:185-200

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    Cited by:
    1. Russell, Clifford S. & Bjorner, Thomas Bue & Clark, Christopher D., 2003. "Searching for evidence of alternative preferences, public as opposed to private," Journal of Economic Behavior & Organization, Elsevier, vol. 51(1), pages 1-27, May.
    2. Chris Starmer,, . "Experiments in Economics ... (should we trust the dismal scientists in white coats?)," University of East Anglia Discussion Papers in Economics _002, School of Economics, University of East Anglia, Norwich, UK..
    3. 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.
    4. Todd L. Cherry & Thomas Crocker & Jason F. Shogren, 2001. "Rationality Spillovers," Working Papers 01-02, Department of Economics, Appalachian State University.
    5. Ball, Linden J. & Bardsley, Nicholas & Ormerod, Tom, 2012. "Do preference reversals generalise? Results on ambiguity and loss aversion," Journal of Economic Psychology, Elsevier, vol. 33(1), pages 48-57.

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