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Preference Reversal And Expert
Beginning of essay
Subjects in gambling tasks that involve both choice and pricing show a pattern of responses known as preference reversal. That is, although subjects in a choice condition generally will give higher preference ratings to “safe”, high-probability/low-payoff, bets than to “longsho ....
Middle of essay
....this could occur would involve subjects consistently selecting either payoff or probability as the critical factor in both choice and pricing conditions. By adopting a strategy of maximizing the chance of any payoff in both the choice and pricing condition and giving that option the higher rating on both scales, preference reversal would be avoided. Conversely, considering only the greatest potential for gain in each condition would have the same effect.
This strategy, however, would be susce.... |
| Number of words: 520 |
Approximate pages: 2 |
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