Reversals of preference between bids and choices in gambling decisions

Lichtenstein, S., & Slovic, P. (1971). Reversals of preference between bids and choices in gambling decisions. Journal of Experimental Psychology, 89(1), 46-55.

Type

Journal article

Intellectual base

Primary research

Year

1971

Link

https://scholarsbank.uoregon.edu/items/0412bdbb-67c9-4646-bd57-d039326c1e98

Cited from

behavioral_economics, decision_science

Cited by

2 citations across 2 artifacts.

Each citation links to the sentence it supports in the citing article.

Primes

• Context-Dependent Preference
  • If the ordering carries a context index, both readings can be accurate, and the question "which is the true preference?" is malformed until a context is named.

    This sourceFinds that the bet chosen from a pair was often the one given the lower price when the same bets were bid on individually, so choice and pricing cannot both be reading a single context-free scale.

• Temporal Inconsistency and Preference Reversals
  • Both can produce apparent phase transitions, but they have different causal structures and require different interventions.

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