Reducing preference reversals: The role of preference imprecision and nontransparent methods

Health Economics
José Luis Pinto-PradesJorge E Martínez-Pérez

Abstract

Preferences elicited with matching and choice usually diverge (as characterised by preference reversals), violating a basic rationality requirement, namely, procedure invariance. We report the results of an experiment that shows that preference reversals between matching (Standard Gamble in our case) and choice are reduced when the matching task is conducted using nontransparent methods. Our results suggest that techniques based on nontransparent methods are less influenced by biases (i.e., compatibility effects) than transparent methods. We also observe that imprecision of preferences influences the degree of preference reversals. The preference reversal phenomenon is less strong in subjects with more precise preferences.

References

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Sep 21, 2016·Medical Decision Making : an International Journal of the Society for Medical Decision Making·Angela RobinsonJudith A Covey

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Citations

Mar 21, 2021·The European Journal of Health Economics : HEPAC : Health Economics in Prevention and Care·Sebastian Neumann-BöhmeArthur E Attema

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