The fact that any of a number of measurement mechanisms can be used to identify an invariable choice is called into question. It is suggested that documented preference reversals do not reflect an actual reversal of preference but rather an inadequate knowledge of what the preference is.
Get full access to this article
View all access options for this article.
References
1.
BernoulliD. (1738) Specimen theoriae novae de mensura sortis. Comentarii Academiae Scientiarum Imperiales Petropolitanae, 5, 175–192. [Transl. by SommerL. in Econometrica, 1954, 22, 23–36]
2.
GoldsteinW. M.EinhornH. J. (1987) Expression theory and the preference reversal phenomena. Psychological Review, 94, 236–254.
3.
LichtensteinS.SlovicP. (1971) Reversals of preference between bids and choices in gambling decisions. Journal of Experimental Psychology, 89, 46–55.
4.
LindmanH. R. (1971) Inconsistent preferences among gambles. Journal of Experimental Psychology, 89, 390–397.
5.
MellersB. A.OrdonezL.BirnbaumM. (1992) A change-of-process theory for contextual effects and preference reversals in risky decision making. Organizational Behavior and Human Decision Processes, 52, 331–369.
6.
StevensonM. K.BusemeyerJ. R.NaylorJ. C. (1990) Judgment and decision-making theory. In DunnetteM. D.HoughL. M. (Eds.), Handbook for industrial and organizational psychology. Vol. 1. (2nd ed.) Palo Alto, CA: Consulting Psychologists Press. Pp. 283–374.
7.
TverskyA.SattathS.SlovicP. (1988) Contingent weighting in judgment and choice. Psychological Review, 95, 371–384.
8.
TverskyA.SlovicP.KahnemanD. (1990) The causes of preference reversal. American Economic Review, 80, 204–217.