"Preference Reversal" and the Theory of Choice Under Risk

Edi Karni · Zvi Safra

5 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

The paper shows that: (1) The preference reversal phenomenon is consistent with transitive preferences and constitutes a violation of the independence axiom. (2) The preference reversal phenomenon is accounted for by the interaction between the experimental design and respondents preferences and there is no experiment which can overcome this difficulty.

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