Imprecision as an account of the preference reversal phenomenon

Butler, David J. and Loomes, Graham C. (2007) Imprecision as an account of the preference reversal phenomenon. American Economic Review, 97 (1). pp. 277-297. ISSN 0002-8282

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Many individuals' choices and valuations involve a degree of uncertainty/imprecision. This paper reports an experiment designed to obtain some measure of imprecision and to examine the extent to which it can explain preference reversals of two opposite forms, one of which appears not to have been reported previously. The model of imprecision we examine not only predicts both patterns but also provides an account of earlier results that are otherwise not well explained. The results suggest that any successful descriptive theory of choice and valuation will need to allow in some way for the imprecision surrounding people's decisions.

Item Type: Article
Faculty \ School: Faculty of Social Sciences > School of Economics
Depositing User: Vishal Gautam
Date Deposited: 01 Mar 2007
Last Modified: 30 Jun 2023 13:30
DOI: 10.1257/aer.97.1.277

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