Preference Cloud Theory: Imprecise Preferences and Preference Reversals
نویسندگان
چکیده
منابع مشابه
Preference Reversals Under Ambiguity
Preference reversals have been widely studied using risky or riskless gambles. However, little is known about preference reversals under ambiguity. We asked subjects to make a binary choice between ambiguous P-bets and ambiguous $-bets and elicited their willingness to accept. Subjects then performed the same two tasks with risky bets, where the probability of winning for a given risky bet is t...
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Preference reversals occur when different (but formally equivalent) elicitation methods reveal conflicting preferences over two alternatives. This paper shows that when people have fuzzy preferences i.e. when they choose in a probabilistic manner, their observed decisions can generate systematic preference reversals. A simple model of probabilistic choice and valuation can account for a higher ...
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T paper finds preference reversals in measurements of ambiguity aversion, even if psychological and informational circumstances are kept constant. The reversals are of a fundamentally different nature than the reversals found before because they cannot be explained by context-dependent weightings of attributes. We offer an explanation based on Sugden’s random-reference theory, with different el...
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This paper argues that Levi’s account of preference reversals is only a limited success. Levisucceeds in showing that an agent acting in accord with his theory may exhibit reversals.Nevertheless, the specific account that Levi presents in order to accommodate the behaviorof experimental subjects appears to be disconfirmed by available evidence. BIOGRAPHICAL NOTEErik Angner i...
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Several approaches have been proposed for evaluating information in expected utility theory. Among the most popular approaches are the expected utility increase, the selling price and the buying price. While the expected utility increase and the selling price always agree in ranking information alternatives, Hazen and Sounderpandian [11] have demonstrated that the buying price may not always ag...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2633392