Thinking and Reasoning 5 (2):175 – 188 (1999)
Research on preference reversals has demonstrated a disproportionate influence of outcome probability on choices between monetary gambles. The aim was to investigate the hypothesis that this is a prominence effect originally demonstrated for riskless choice. Another aim was to test the structure compatibility hypothesis as an explanation of the effect. The hypothesis implies that probability should be the prominent attribute when compared with value attributes both in a choice and a preference rating procedure. In Experiment 1, two groups of undergraduates were presented with medical treatments described by two value attributes (effectiveness and pain-relief). All participants performed both a matching task and made preference ratings. In the latter task, outcome probabilities were added to the descriptions of the medical treatments for one of the groups. In line with the hypothesis, this reduced the prominence effect on the preference ratings observed for effectiveness. In Experiment 2, a matching task was used to demonstrate that probability was considered more important by a group of participating undergraduates than the value attributes. Furthermore, in both choices and preference ratings the expected prominence effect was found for probability.
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Levi's Account of Preference Reversals.Erik Angner - 2002 - Economics and Philosophy 18 (2):287-302.
An Extended Framework for Preference Relations.Johan E. Gustafsson - 2011 - Economics and Philosophy 27 (3):360–367.
Sympathy, Commitment, and Preference.Daniel M. Hausman - 2005 - Economics and Philosophy 21 (1):33-50.
High-Probabilities, Model-Preference and Default Arguments.Hector Geffner - 1992 - Minds and Machines 2 (1):51-70.
What Are Conditional Probabilities Conditional Upon?K. Hutchison - 1999 - British Journal for the Philosophy of Science 50 (4):665-695.
Rarity, Pseudodiagnosticity and Bayesian Reasoning.Simon Venn, Jonathan Evans & Aidan Feeney - 2008 - Thinking and Reasoning 14 (3):209-230.
Models of Preference Reversals and Personal Rules: Do They Require Maximizing a Utility Function with a Specific Structure?Horacio Arló-Costa - 2005 - Behavioral and Brain Sciences 28 (5):650-651.
Added to index2009-01-28
Total downloads145 ( #30,207 of 2,126,571 )
Recent downloads (6 months)34 ( #9,574 of 2,126,571 )
How can I increase my downloads?
There are no threads in this forum
Nothing in this forum yet.