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Preference reversal: A new look at an old problem
Li, Shu; S. Li
2006-06-01
Source PublicationPSYCHOLOGICAL RECORD
ISSN0033-2933
SubtypeArticle
Volume56Issue:3Pages:411-428
AbstractA 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.
Keywordrisky decision-making prospect-theory choice psychology model
Subject Area社会心理学
Indexed BySSCI
Language英语
WOS IDWOS:000239326900006
Citation statistics
Document Type期刊论文
Identifierhttp://ir.psych.ac.cn/handle/311026/5625
Collection中国科学院心理研究所回溯数据库(1956-2010)
Corresponding AuthorS. Li
AffiliationChinese Acad Sci, Inst Psychol, Ctr Social & Econ Behav, Beijing 100101, Peoples R China
Recommended Citation
GB/T 7714
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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