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Preference Reversals and the Analysis of Income Distributions

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Author Info
Yoram Amiel
Frank A Cowell
Leima Davidovitz
Avraham Polovin

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Abstract

It is known from the literature on uncertainty that in cases where individuals express a preference for a high win-probability bet over a bet with high winnings they nevertheless will bid more to obtain the bet with high winnings. We investigate whether a similar phenomenon applies in the parallel social-choice situation. Here decisions are to be made between a distribution with a small group of very high-income people. Results from a number of experimental designs are analysed.

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Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Distributional Analysis Research Programme Papers with number 66.

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Date of creation: Mar 2003
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Handle: RePEc:cep:stidar:66

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Keywords: Preference reversals social welfare inequality risk and experiments.

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  1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  2. Cox, James C & Epstein, Seth, 1989. "Preference Reversals without the Independence Axiom," American Economic Review, American Economic Association, vol. 79(3), pages 408-26, June. [Downloadable!] (restricted)
  3. Yoram Amiel & Frank A Cowell, 2001. "Attitudes towards Risk and Inequality: A Questionnaire-Experimental Approach," STICERD - Distributional Analysis Research Programme Papers 56, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  4. Seidl, Christian, 2002. " Preference Reversal," Journal of Economic Surveys, Blackwell Publishing, vol. 16(5), pages 621-55, December. [Downloadable!] (restricted)
  5. Karni, Edi & Safra, Zvi, 1987. ""Preference Reversal' and the Observability of Preferences by Experimental Methods," Econometrica, Econometric Society, vol. 55(3), pages 675-85, May. [Downloadable!] (restricted)
  6. Amiel, Yoram & Cowell, F. A. & Polovin, Avraham, 2001. "Risk perceptions, income transformations and inequality," European Economic Review, Elsevier, vol. 45(4-6), pages 964-976, May. [Downloadable!] (restricted)
  7. Leima Davidovitz & Yoram Kroll, 1999. "Choices in Egalitarian Distribution: Inequality Aversion versus Risk Aversion," STICERD - Distributional Analysis Research Programme Papers 43, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  8. Rothschild, Michael & Stiglitz, Joseph E., 1971. "Increasing risk II: Its economic consequences," Journal of Economic Theory, Elsevier, vol. 3(1), pages 66-84, March. [Downloadable!] (restricted)
  9. Johnson, Eric J. & Payne, John W. & Bettman, James R., 1988. "Information displays and preference reversals," Organizational Behavior and Human Decision Processes, Elsevier, vol. 42(1), pages 1-21, August. [Downloadable!] (restricted)
  10. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September. [Downloadable!] (restricted)
  11. Tversky, Amos & Slovic, Paul & Kahneman, Daniel, 1990. "The Causes of Preference Reversal," American Economic Review, American Economic Association, vol. 80(1), pages 204-17, March. [Downloadable!] (restricted)
  12. Uri Gneezy & John A List & George Wu, 2006. "The Uncertainty Effect: When a Risky Prospect Is Valued Less Than Its Worst Possible Outcome," The Quarterly Journal of Economics, MIT Press, vol. 121(4), pages 1283-1309, November. [Downloadable!] (restricted)
  13. Rothschild, Michael & Stiglitz, Joseph E., 1973. "Some further results on the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 6(2), pages 188-204, April. [Downloadable!] (restricted)
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  14. Holt, Charles A, 1986. "Preference Reversals and the Independence Axiom," American Economic Review, American Economic Association, vol. 76(3), pages 508-15, June. [Downloadable!] (restricted)
  15. Slovic, Paul & Lichtenstein, Sarah, 1983. "Preference Reversals: A Broader Perspective," American Economic Review, American Economic Association, vol. 73(4), pages 596-605, September. [Downloadable!] (restricted)
  16. Loomes, Graham & Starmer, Chris & Sugden, Robert, 1991. "Observing Violations of Transitivity by Experimental Methods," Econometrica, Econometric Society, vol. 59(2), pages 425-39, March. [Downloadable!] (restricted)
  17. Reilly, Robert J, 1982. "Preference Reversal: Further Evidence and Some Suggested Modifications in Experimental Design," American Economic Review, American Economic Association, vol. 72(3), pages 576-84, June. [Downloadable!] (restricted)
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