Preference Reversal
综述了心理学家发现、经济学家验证的偏好反转现象,即彩票价格与玩家偏好之间的系统性偏差,并分析了其四种成因。
Preference reversal concerns a systematic divergence between prices of lotteries and subjects’ expressed preferences for playing the respective lotteries. This article surveys the discovery of preference reversal by psychologists, its re–examination and corroboration both by psychologists and later on by (first sceptical) economists, as well as the causes of preference reversal. The preference reversal phenomenon has been explained to be caused by four determinants, viz. by the mode of elicitation of certainty equivalents, by intransitivity of preferences, by overpricing and/or underpricing of lotteries, and by nonlinear probabilities.