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Testing Explanations of Preference Reversal: a Model

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  • Yves Alarie
  • Georges Dionne

Abstract

When Cubitt, Munro and Starmer (2004) presented their new experimental investigation of preference reversal, they pointed out that their test results cannot be explained by any of the best-known explanations proposed by economists and psychologists. In this paper we propose a model based on lotteries qualities to explain these new test results.

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File URL: http://www.cirpee.org/fileadmin/documents/Cahiers_2005/CIRPEE05-10.pdf
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Bibliographic Info

Paper provided by CIRPEE in its series Cahiers de recherche with number 0510.

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Date of creation: 2005
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Handle: RePEc:lvl:lacicr:0510

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Related research

Keywords: Standard preference reversal; counter preference reversal; choice task; money valuation task; probability valuation task; lottery; test;

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  1. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  2. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  3. Yves Alarie & Georges Dionne, 2006. "Lottery Qualities," Cahiers de recherche 0617, CIRPEE.
  4. Gregory W. Fischer & Ziv Carmon & Dan Ariely & Gal Zauberman, 1999. "Goal-Based Construction of Preferences: Task Goals and the Prominence Effect," Management Science, INFORMS, vol. 45(8), pages 1057-1075, August.
  5. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  6. Robin P. Cubitt & Alistair Munro & Chris Starmer, 2004. "Testing explanations of preference reversal," Economic Journal, Royal Economic Society, vol. 114(497), pages 709-726, 07.
  7. Drazen Prelec, 1998. "The Probability Weighting Function," Econometrica, Econometric Society, vol. 66(3), pages 497-528, May.
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