Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/243110 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Working Paper No. 370
Versionsangabe: 
Revised version: July 2021
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
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 inconsistencies across elicitation methods should occur, the type of anomalies to be expected, what determines their magnitude, and whether they uncover a bias or not. While some anomalies can be traced back to individual biases, other apparent anomalies can occur in the absence of any actual behavioral bias, as a consequence of regularities in stochastic choice, risk attitudes, and experimental design. The model delivers new predictions that are confirmed in five experiments on the classical preference reversal phenomenon. Our novel empirical approach relies on utilities estimated out of sample, which allow us to test the model and also show that the bias in willingness-to-accept valuations is limited to long shots.
Schlagwörter: 
Stochastic choice
preference elicitation
preference reversals
behavioral biases
lottery choice
JEL: 
D01
D81
D91
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.14 MB





Publikationen in EconStor sind urheberrechtlich geschützt.