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Cognition in Seemingly Riskless Choices and Judgments

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Listed author(s):
  • 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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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers du Laboratoire de Microéconomie Appliquée with number 1995-04.

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Length: 19 pages
Date of creation: 1995
Handle: RePEc:fth:parima:1995-04
Contact details of provider: Postal:
UNIVERSITE DE PARIS I-PANTHEON-SORBONNE, CENTRE NATIONALE DE RECHERCHE SCIENTIFIQUE, LABORATOIRE DE MICROECONOMIE APPLIQUEE, 90 DE TOLBIAC 75634 PARIS CEDEX 13 FRANCE.

Phone: 33 1 55 43 42 00
Fax: + 33 1 44 07 83 01
Web page: http://team.univ-paris1.fr/
Email:


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Keywords: RISK; HOUSEHOLD; TESTS;

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Find related papers by JEL classification:
  • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
  • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
  • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
  • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
  • D00 - Microeconomics - - General - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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  1. Jack L. Knetsch & J. A. Sinden, 1984. "Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value," The Quarterly Journal of Economics, Oxford University Press, vol. 99(3), pages 507-521.
  2. Levy-Garboua, Louis & Montmarquette, Claude, 2004. "Reported job satisfaction: what does it mean?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(2), pages 135-151, April.
  3. Levy-Garboua, L. & Blondel, S., 1995. "La decision comme argumentation," Papiers du Laboratoire de Microéconomie Appliquée 1995-03, Université Panthéon-Sorbonne (Paris 1).
  4. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
  5. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
  6. Louis Lévy-Garboua & Claude Montmarquette, 1995. "Une étude économétrique de la demande de théâtre sur données individuelles," Économie et Prévision, Programme National Persée, vol. 121(5), pages 109-126.
  7. 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.
  8. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 1039-1061.
  9. 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.
  10. 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.
  11. 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 728-741, September.
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Cited by:

  1. Levy-Garboua, Louis & Montmarquette, Claude, 2004. "Reported job satisfaction: what does it mean?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(2), pages 135-151, April.
  2. 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.
  3. 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.

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