This paper describes an experiment where respondents were asked to tackle two decision tasks which were very similar in structure but which differed in that one problem involved direct money payoffs while the other involved payoffs in the form of probabilities of winning a given sum of money....

There is some evidence that, as individuals participate in repeated markets, "anomalies" tend to disappear. One interpretation is that individuals — particularly marginal traders — are learning to act on underlying preferences which satisfy standard assumptions. An alternative...

Preference reversal is often explained as an information-processing effect, whereby individuals respond differently to valuation problems than to straight choices. Regret theory offers the alternative explanation that individuals act on consistent, but nontransitive, preferences. Regret theory,...

This paper sets out to explore the extent to which perceptions regarding the 'badness' of different types of deaths differ according to how those deaths are 'labelled' in the elicitation procedure. In particular, we are interested in whether responses to 'contextual' questions - where the...

Previous research has shown that people wish a premium to be placed on the prevention of certain types of deaths as they perceive those deaths as 'worse' than others. The research reported in this paper is an attempt to quantify such a 'bad death' premium via a discrete choice experiment (DCE)....

A number of bargaining experiments have raised the possibility that individuals' notions of what is fair or just may be sufficiently powerful to generate behavior which departs substantially and systematically from the predictions of standard bargaining models. This paper reports an experiment...

During recent years, the contingent valuation (CV) method has been widely used to value non-marketed goods and services. The authors present the results of a CV study of the value of road safety. They find that stated preferences for road safety exhibit considerable imprecision, appear subject...

In this paper, the authors demonstrate that the assumption of "regret aversion," which has been invoked in regret theory to explain several well-documented violations of expected utility theory, also implies the existence of strict preferences between some stochastically equivalent actions and...