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Stochastic Choice and Preferences for Randomization

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  • Marina Agranov
  • Pietro Ortoleva

Abstract

We conduct an experiment in which subjects face the same questions repeated multiple times, with repetitions of two types: (1) following the literature, the repetitions are distant from each other; (2) in a novel treatment, the repetitions are in a row, and subjects are told that the questions will be repeated. We find that a large majority of subjects exhibit stochastic choice in both cases. We discuss the implications for models of stochastic choice.

Suggested Citation

  • Marina Agranov & Pietro Ortoleva, 2017. "Stochastic Choice and Preferences for Randomization," Journal of Political Economy, University of Chicago Press, vol. 125(1), pages 40-68.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/689774
    DOI: 10.1086/689774
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