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.
Cited by¶
3 citations across 3 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.
Supported in partVerified against the work's full text
Documents that the bet chosen from a pair was often the one bid lower when priced individually and reads that reversal as proof bidding and choice are different processes, but it never calls the truth question malformed.
“If such a reversal of orderings were to occur, it would provide dramatic confirmation of the notion that bidding and choice involve two _quite different processes”
- 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.
- Temporal Inconsistency and Preference Reversals
- Both can produce apparent phase transitions, but they have different causal structures and require different interventions.
Supported in partVerified against the work's full text
Supplies the procedural causal structure of preference reversals (bids vs. choices), i.e. one of the two mechanisms at most, and says nothing about apparent phase transitions or about differing interventions.
“The notion that the information describing a gamble is processed differently for bids than for choices s_uggested that it might be possible to cons.truct a pair of gambles such that .§_ would choose one of them but bid more·for the other.”
- Both can produce apparent phase transitions, but they have different causal structures and require different interventions.
Mechanisms¶
- Preference Reversal Probe
- Its strength is causal: because it manipulates the frame while holding options fixed, a reversal is strong evidence that a "preference" is constructed rather than stable — something no amount of passive observation can establish, since in the wild frame and choice are confounded.
This sourceShows experimentally that changing elicitation procedure can reverse expressed preferences over the same gamble pairs.
- Its strength is causal: because it manipulates the frame while holding options fixed, a reversal is strong evidence that a "preference" is constructed rather than stable — something no amount of passive observation can establish, since in the wild frame and choice are confounded.
Verification¶
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