Levi’s Account of Preference Reversals
نویسنده
چکیده
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 is a graduate student in the Department of History and Philosophy of Scienceand in the Department of Economics at the University of Pittsburgh. He is the co-author(with George Loewenstein) of ‘Predicting and Indulging Changing Preferences,’ to appear in Loewenstein, Read, and Baumeister (eds) Time and Decision: The economics and psychologyof intertemporal choice (New York: Russell Sage).
منابع مشابه
Preference Reversals and Probabilistic Choice
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 ...
متن کاملCommitment and self-control
The literature on self-control problems has typically concentrated on immediate temptations. This paper studies a Gul and Pesendorfer [13, 14] style model in which decision-makers are a¤ected by temptations that lie in the future. While temptation is commonly understood to give rise to a demand for commitment, it is shown that temptation by future consumptioncan induce its absence. The model ...
متن کاملWhy Contextual Preference Reversals Maximize Expected Value
Contextual preference reversals occur when a preference for one option over another is reversed by the addition of further options. It has been argued that the occurrence of preference reversals in human behavior shows that people violate the axioms of rational choice and that people are not, therefore, expected value maximizers. In contrast, we demonstrate that if a person is only able to make...
متن کاملOptions as information: rational reversals of evaluation and preference.
This article develops a rational analysis of an important class of apparent preference reversals-joint-separate reversals traditionally explained by the evaluability hypothesis. The "options-as-information" model considers a hypothetical rational actor with limited knowledge about the market distribution of a stimulus attribute. The actor's evaluations are formed via a 2-stage process-an infere...
متن کاملPreference Reversals to Explain Ambiguity Aversion
Preference reversals are found in measurements of ambiguity aversion even under constant psychological and informational circumstances. 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 elicitation me...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
عنوان ژورنال:
دوره شماره
صفحات -
تاریخ انتشار 2002