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Title:An experimental investigation of violations of transitivity in choice under uncertainty
Authors:Birnbaum, Michael H.
Schmidt, Ulrich
Issue Date:2008
Citation:[Volume:] 37 [Issue:] 1 [Pages:] 77-91 [Journal:] Journal of risk and uncertainty : JRU [ISBN:] 0895-5646
Abstract:Several models of decision-making imply systematic violations of transitivity of preference. Our experiments explored whether people show patterns of intransitivity predicted by regret theory and majority rule. 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 that same choice. Our results 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:Choice
Decision making
Errors
Regret theory
Transitivity
JEL:C91
D81
Persistent Identifier of the first edition:doi:10.1007/s11166-008-9043-z
Document Type:Article
Appears in Collections:Economists Online

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