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Identifying nontransitive preferences
Alós-Ferrer, Carlos; Fehr, Ernst; Garagnani, Michele - 2022
Transitivity is perhaps the most fundamental choice axiom and, therefore, almost all economic models assume that … preferences are transitive. The empirical literature has regularly documented violations of transitivity, but these violations … deterministic part of individuals' preferences. However, what if transitivity violations reflect individuals' nontransitive …
Persistent link: https://www.econbiz.de/10013285526
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Identifying nontransitive preferences
Alós-Ferrer, Carlos; Fehr, Ernst; Garagnani, Michele - 2023
Transitivity is perhaps the most fundamental choice axiom and, therefore, almost all economic models assume that … preferences are transitive. The empirical literature has regularly documented violations of transitivity, but these violations … deterministic part of individuals' preferences. However, what if transitivity violations reflect individuals' genuinely …
Persistent link: https://www.econbiz.de/10013531822
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Identifying nontransitive preferences
Alós-Ferrer, Carlos; Fehr, Ernst; Garagnani, Michele - 2022 - This version: July 2nd, 2022
Transitivity is perhaps the most fundamental choice axiom and, therefore, almost all economic models assume that … preferences are transitive. The empirical literature has regularly documented violations of transitivity, but these violations … deterministic part of individuals' preferences. However, what if transitivity violations reflect individuals' nontransitive …
Persistent link: https://www.econbiz.de/10013277067
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Indifference, indecisiveness, experimentation and stochastic choice
Ok, Efe A.; Tserenjigmid, Gerelt - In: Theoretical Economics 17 (2022) 2, pp. 651-686
Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...
Persistent link: https://www.econbiz.de/10014536935
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Strength of preference and decision making under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2020
Influential economic approaches as random utility models or quantal-response equilibria assume a monotonic relation between error rates and choice difficulty or "strength of preference", in line with widespread evidence from discrimination tasks in psychology and neuroscience. However, while the...
Persistent link: https://www.econbiz.de/10012244619
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2020
The preference reversal phenomenon is one of the most important, long-standing, and widespread anomalies contradicting economic models of decisions under risk. It describes the robust observation of frequent "standard reversals" where long-shot gambles are valued above moderate ones but then the...
Persistent link: https://www.econbiz.de/10012420682
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Strength of preference and decisions under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2022
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...
Persistent link: https://www.econbiz.de/10013164128
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2021
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...
Persistent link: https://www.econbiz.de/10012631629
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Strength of preference and decisions under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2022 - Revised version, February 2022
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...
Persistent link: https://www.econbiz.de/10013040909
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2021 - Revised version
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...
Persistent link: https://www.econbiz.de/10012604712