Preference reversal: A new look at an old problem
Li, Shu; S. Li
2006-06-01
发表期刊PSYCHOLOGICAL RECORD
ISSN0033-2933
文章类型Article
卷号56期号:3页码:411-428
摘要A generalized weak dominance approach is used to test the documented preference reversal (PR) phenomenon. This approach simply models risky choice behavior in PR as a choice between the best possible outcomes or a choice between the worst possible outcomes by equating smaller paired outcome difference between bets. The preference reversals are therefore seen as a consequence of the fact that gamble parameters are designed to encourage individuals to differentiate the difference between the worst possible outcomes of the two bets (i.e., to avoid the worse possible outcome of $ bet) rather than to differentiate the difference between the best possible outcomes of the two bets (i.e., to seek the better outcome of $ bet on which people tend to put a higher price). A "matching" task as well as a "pricing" task was designed to examine whether the knowledge of the value difference of the paired possible outcomes will permit prediction of preferential choice. The overall test results favor the equate-to-differentiate explanation. The present data suggest that the anomaly may be not in individuals' inconsistent preferences but rather in our inadequate knowledge of what it is that is being preferred when a question about preference is posed.; A generalized weak dominance approach is used to test the documented preference reversal (PR) phenomenon. This approach simply models risky choice behavior in PR as a choice between the best possible outcomes or a choice between the worst possible outcomes by equating smaller paired outcome difference between bets. The preference reversals are therefore seen as a consequence of the fact that gamble parameters are designed to encourage individuals to differentiate the difference between the worst possible outcomes of the two bets (i.e., to avoid the worse possible outcome of $ bet) rather than to differentiate the difference between the best possible outcomes of the two bets (i.e., to seek the better outcome of $ bet on which people tend to put a higher price). A "matching" task as well as a "pricing" task was designed to examine whether the knowledge of the value difference of the paired possible outcomes will permit prediction of preferential choice. The overall test results favor the equate-to-differentiate explanation. The present data suggest that the anomaly may be not in individuals' inconsistent preferences but rather in our inadequate knowledge of what it is that is being preferred when a question about preference is posed.
关键词risky decision-making prospect-theory choice psychology model
学科领域社会心理学
收录类别SSCI
语种英语
WOS记录号WOS:000239326900006
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被引频次:5[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符http://ir.psych.ac.cn/handle/311026/5625
专题中国科学院心理研究所回溯数据库(1956-2010)
通讯作者S. Li
作者单位Chinese Acad Sci, Inst Psychol, Ctr Social & Econ Behav, Beijing 100101, Peoples R China
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Li, Shu,S. Li. Preference reversal: A new look at an old problem[J]. PSYCHOLOGICAL RECORD,2006,56(3):411-428.
APA Li, Shu,&S. Li.(2006).Preference reversal: A new look at an old problem.PSYCHOLOGICAL RECORD,56(3),411-428.
MLA Li, Shu,et al."Preference reversal: A new look at an old problem".PSYCHOLOGICAL RECORD 56.3(2006):411-428.
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