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Behavior under uncertainty without preference reversal: A field experiment

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  • Peter Bohm

Abstract

The robust laboratory evidence of preference reversal for lotteries has been interpreted as a threat to the general vailidity 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.

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  • Peter Bohm, 1994. "Behavior under uncertainty without preference reversal: A field experiment," Framed Field Experiments 00130, The Field Experiments Website.
    • Handle: RePEc:feb:framed:00130
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    Cited by:

    1. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
    2. 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.
    3. Shogren, Jason F., 2002. "A behavioral mindset on environment policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(4), pages 355-369.
    4. Croson, Rachel & Gächter, Simon, 2010. "The science of experimental economics," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 122-131, January.
    5. repec:wuk:eaercp:_002 is not listed on IDEAS

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