Behaviour under Uncertainty without Preference Reversal: A Field Experiment

Abstract

The robust laboratory evidence of preference reversal for lotteries has been interpreted as a threat to the general validity of standard theories of decision-making under uncertainty. This evidence is obtained from laboratory, that is, not real-world, lotteries with subjects who have not sought to make decisions among such lotteries. Here, the prevalence of preference reversal is studied in a field experiment with used cars, that is, a case of real-world non-trivial, non-lottery — but still payoff-uncertain — choice objects, and with subjects who registered as potential buyers of such cars. No sign of preference reversal was observed.

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