An advantage model of choice

Eldar B. Shafir; Daniel N. Osherson; Edward E. Smith

doi:10.1002/bdm.3960020102

An advantage model of choice

Eldar B. Shafir, Daniel N. Osherson, Edward E. Smith

Psychology

Research output: Contribution to journal › Article › peer-review

60 Scopus citations

Abstract

A descriptive model of choice between simple lotteries is proposed. According to the model, people combine 'absolute' and 'comparative' strategies in choice situations. Three experimental tests of the model are reported. In its limited domain, the model appears superior to Prospect Theory on qualitative grounds, and to 1‐parameter versions of Expected Utility Theory on both qualitative and quantitative grounds.

Original language	English (US)
Pages (from-to)	1-23
Number of pages	23
Journal	Journal of Behavioral Decision Making
Volume	2
Issue number	1
DOIs	https://doi.org/10.1002/bdm.3960020102
State	Published - 1989

All Science Journal Classification (ASJC) codes

General Decision Sciences
Arts and Humanities (miscellaneous)
Applied Psychology
Sociology and Political Science
Strategy and Management

Keywords

Intransitivity
Monetary lottery
Preference reversal
Prospect theory
Risky choice
Utility theory

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10.1002/bdm.3960020102

Cite this

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abstract = "A descriptive model of choice between simple lotteries is proposed. According to the model, people combine 'absolute' and 'comparative' strategies in choice situations. Three experimental tests of the model are reported. In its limited domain, the model appears superior to Prospect Theory on qualitative grounds, and to 1‐parameter versions of Expected Utility Theory on both qualitative and quantitative grounds.",

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KW - Preference reversal

KW - Prospect theory

KW - Risky choice

KW - Utility theory

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An advantage model of choice

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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