Publication: Stochastic choice and preference reversals
Stochastic choice and preference reversals
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Alos-Ferrer, C., Buckenmaier, J., & Garagnani, M. (2021). Stochastic choice and preference reversals (No. 370; Working Paper Series / Department of Economics).
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Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and willingness-to-accept valuations. The results are frequently at odds, casting doubts on the foundations of economics. We develop a stochastic choice model predicting when inconsistencies across elicitation methods should occur, the type of anomalies to be expected, what determines their magnitude, and whether they uncover a bias or not. While some anomalies can be traced back to individual biases, other apparent anomalies ca
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Alos-Ferrer, C., Buckenmaier, J., & Garagnani, M. (2021). Stochastic choice and preference reversals (No. 370; Working Paper Series / Department of Economics).
