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Cognition in Seemingly Riskless Choices and Judgments

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Author Info
Levy-Garboua, L.
Montmarquette, C.

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Abstract

We instillate rational cognition and learning in "seemingly riskless" choices and judgments. Preferences and possibilities are given in a stochastic sense and based on revisable expectations. The theory predicts experimental preference reversals and passes a sharp econometric test of the status quo bias drawn from a field study.

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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers du Laboratoire de Microéconomie Appliquée with number 1995-04.

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Length: 19 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:parima:1995-04

Contact details of provider:
Postal: UNIVERSITE DE PARIS I-PANTHEON-SORBONNE, CENTRE NATIONALE DE RECHERCHE SCIENTIFIQUE, LABORATOIRE DE MICROECONOMIE APPLIQUEE, 90 DE TOLBIAC 75634 PARIS CEDEX 13 FRANCE.
Phone: (33-1) 55.43.42.48
Fax: (33-1) 55.43.42.47
Web page: http://panoramix.univ-paris1.fr/LAMIA/
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Related research
Keywords: RISK; HOUSEHOLD; TESTS;

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Find related papers by JEL classification:
C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
D00 - Microeconomics - - General - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Levy-Garboua, L. & Montmarquette, C., 1994. "Une etude econometrique de la demande de theatre sur donnees individuelles," Papiers du Laboratoire de Microéconomie Appliquée 1994-2, Université Panthéon-Sorbonne (Paris 1).
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  2. Levy-Garboua, Louis & Montmarquette, Claude, 2004. "Reported job satisfaction: what does it mean?," The Journal of Socio-Economics, Elsevier, vol. 33(2), pages 135-151, April. [Downloadable!] (restricted)
    Other versions:
  3. Knetsch, Jack L & Sinden, J A, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, MIT Press, vol. 99(3), pages 507-21, August. [Downloadable!] (restricted)
  4. 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)
  5. Levy-Garboua, L. & Blondel, S., 1995. "La decision comme argumentation," Papiers du Laboratoire de Microéconomie Appliquée 1995-03, Université Panthéon-Sorbonne (Paris 1).
  6. Arkes, Hal R. & Blumer, Catherine, 1985. "The psychology of sunk cost," Organizational Behavior and Human Decision Processes, Elsevier, vol. 35(1), pages 124-140, February. [Downloadable!] (restricted)
  7. Tversky, Amos & Kahneman, Daniel, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1039-61, November. [Downloadable!] (restricted)
  8. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard, 1986. "Fairness as a Constraint on Profit Seeking: Entitlements in the Market," American Economic Review, American Economic Association, vol. 76(4), pages 728-41, September. [Downloadable!] (restricted)
  9. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
  10. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August. [Downloadable!] (restricted)
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Louis Lévy-Garboua & Claude Montmarquette, 1997. "Reported Job Satisfaction: What Does It Mean?," CIRANO Working Papers 97s-09, CIRANO. [Downloadable!]
    Other versions:
  2. Louis Lévy-Garboua & Youenn Loheac & Bertrand Fayolle, 2006. "Preference Formation, School Dissatisfaction and Risky Behavior of Adolescents," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00203187_v1, HAL. [Downloadable!]
    Other versions:
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