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Economics Working Papers, Department of Economics, CAU Kiel >
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http://hdl.handle.net/10419/22015
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| Title: | | Empirical Tests of Intransitivity Predicted by Models of Risky Choice  |
| Authors: | | Birnbaum, Michael H. Schmidt, Ulrich |
| Issue Date: | | 2006 |
| Series/Report no.: | | Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2006,10 |
| Abstract: | | Recently proposed models of risky choice imply systematic violations of transitivity of preference. Five studies explored whether people show patterns of intransitivity predicted by four descriptive models. To distinguish ?true? violations from those produced by ?error,? a model was fit in which each choice can have a different error rate and each person can have a different pattern of true preferences that need not be transitive. Error rate for a choice is estimated from preference reversals between repeated presentations of the same choice. Results of five studies showed that very few people repeated intransitive patterns. We can retain the hypothesis that transitivity best describes the data of the vast majority of participants. |
| Subjects: | | decision making errors gambling effect reference points regret transitivity |
| JEL: | | C91 D81 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online Economics Working Papers, Department of Economics, CAU Kiel
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