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Behaviour under Uncertainty without Preference Reversal: A Field Experiment

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  • Bohm, Peter

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.

Suggested Citation

  • Bohm, Peter, 1994. "Behaviour under Uncertainty without Preference Reversal: A Field Experiment," Empirical Economics, Springer, vol. 19(2), pages 185-200.
  • Handle: RePEc:spr:empeco:v:19:y:1994:i:2:p:185-200
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    Cited by:

    1. Chris Starmer, 1999. "Experiments in economics: should we trust the dismal scientists in white coats?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(1), pages 1-30.
    2. 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.
    3. 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.
    4. 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.
    5. Croson, Rachel & Gächter, Simon, 2010. "The science of experimental economics," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 122-131, January.
    6. Cherry, Todd L. & Crocker, Thomas D. & Shogren, Jason F., 2003. "Rationality spillovers," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 63-84, January.
    7. repec:wuk:eaercp:_002 is not listed on IDEAS

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