Consciously stochastic in preference reversals
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Date
2024-06
Publication Type
Journal Article
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yes
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Abstract
Stochastic choice, the act of choosing differently in repeated decisions, can be a conscious decision made by individuals who are aware of their inability to make a definitive choice. To examine the prevalence and implications of conscious stochastic choice, we developed a novel method and implemented it in a preference reversal experiment: In each valuation choice between the bet and a varying reference option, subjects could either pay a small cost to select a specific option or opt for a free randomization choice where a computer randomly selects an option. Our findings revealed that the majority of subjects exhibited conscious stochastic choice, and further that their choices were significantly affected by the elicitation procedures.
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published
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Journal / series
Volume
68 (3)
Pages / Article No.
255 - 297
Publisher
Springer
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Subject
Stochastic choice; procedure invariance; preference reversals; incomplete preferences; imprecise preferences; deliberately stochastic