A New Type of Preference Reversal

Han Bleichrodt and Jose-Luis Pinto-Prades

No 06.18, Working Papers from Universidad Pablo de Olavide, Department of Economics

Abstract: The classic preference reversal phenomenon arises in a comparison between a choice and a matching task. We present a new type of preference reversal which is entirely choice-based. Because choice is the basic primitive of economics, the preference reversal we observe is more troubling for economics. The preference reversal was observed in two experiments, both involving large representative samples from the Spanish population. The data were collected by professional interviewers in face-to-face interviews. Possible explanations for the preference reversal are the anticipation of disappointment and elation in risky choice and the impact of ethical considerations.

Keywords: Preference reversal; Choice behavior; Stochastic dominance; Disappointment and elation; Health (search for similar items in EconPapers)
JEL-codes: I10 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2006-07
New Economics Papers: this item is included in nep-cbe, nep-dcm, nep-evo, nep-exp and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:pab:wpaper:06.18

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