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Cognition in Seemingly Riskless Choices and Judgments

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  • Levy-Garboua, L.
  • Montmarquette, C.

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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File URL: http://hdl.handle.net/1866/2034
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Bibliographic Info

Paper provided by Universite de Montreal, Departement de sciences economiques in its series Cahiers de recherche with number 9602.

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Length: 27 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:mtl:montde:9602

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References

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  1. 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.
  2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  3. repec:hal:cesptp:halshs-00203197 is not listed on IDEAS
  4. 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).
  5. 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.
  6. 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.
  7. LEVY-GARBOUA, Louis & MONTMARQUETTE, Claude, 1997. "Reported Job Satisfaction : What Does It Mean?," Cahiers de recherche 9705, Universite de Montreal, Departement de sciences economiques.
  8. 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.
  9. Levy-Garboua, L. & Blondel, S., 1995. "La decision comme argumentation," Papiers du Laboratoire de Microéconomie Appliquée 1995-03, Université Panthéon-Sorbonne (Paris 1).
  10. 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.
  11. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
  12. Frey, Bruno S. & Pommerehne, Werner W., 1993. "On the fairness of pricing -- An empirical survey among the general population," Journal of Economic Behavior & Organization, Elsevier, vol. 20(3), pages 295-307, April.
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Citations

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Cited by:
  1. Roth, Gerrit, 2006. "Predicting the Gap between Willingness to Accept and Willingness to Pay," Munich Dissertations in Economics 4901, University of Munich, Department of Economics.
  2. Louis Lévy-Garboua & Claude Montmarquette, 1997. "Reported Job Satisfaction: What Does It Mean?," CIRANO Working Papers 97s-09, CIRANO.
  3. repec:hal:cesptp:halshs-00203187 is not listed on IDEAS
  4. Levy-Garboua, Louis & Loheac, Youenn & Fayolle, Bertrand, 2006. "Preference formation, school dissatisfaction and risky behavior of adolescents," Journal of Economic Psychology, Elsevier, vol. 27(1), pages 165-183, February.

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