Decision making is now understood to be a highly contingent form of information processing, sensitive to task complexity, time pressure, response mode, framing, reference points, and other contextual factors. The construction of preference.
New York: Cambridge University Press. From the back cover: Do we really know what we want? The preference reversal phenomenon: response mode, markets and incentives. Economic Theory 7, — Cubitt, R.
Testing explanations of preference reversal. Economic Journal , — Grether, D.
Economic theory of choice and the preference reversal phenomenon. American Economic Review 69, — Holt, C. Preference reversals and the independence axiom. American Economic Review 76, — Kami, E. Econometrica 55, — Lichtenstein, S. Reversals of preferences between bids and choices in gambling decisions. Journal of Experimental Psychology 89, 46— The Construction of Preference.
Reason-based choice; Use the link below to share a full-text version of this article with your friends and colleagues. If respondents value a prospect positively in 1 condition but negatively in a different condition, preferences cannot be considered stable. Unpublished manuscript, Journal of Experimental Economics and Management, 15, RePEc uses bibliographic data supplied by the respective publishers.
New York: Cambridge University Press. Lindman, H. Inconsistent preferences among gambles. Journal of Experimental Psychology 89, —7. Loomes, G.
Observing violations of transitivity by experimental methods. Econometrica 59, — Regret theory: an alternative theory of rational choice under uncertainty. This idea is derived from studies demonstrating that normatively equivalent methods of elicitation e. These preference reversals violate the principle of procedure invariance that is fundamental to all theories of rational choice. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? This book shows not only the historical roots of preference construction but also the blossoming of the concept within psychology, law, marketing, philosophy, environmental policy, and economics.
Decision making is now understood to be a highly contingent form of information processing, sensitive to task complexity, time pressure, response mode, framing, reference points, and other contextual factors. Free Will and Psychology in Philosophy of Action. Edit this record. Mark as duplicate. Find it on Scholar. Request removal from index.
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Configure custom resolver. Chapters BETA. Jerome R.
Busemeyer , Joseph G. The Functions of Affect in the Construction of Preferences. Ellen Peters.
Nudging and Informed Consent.