An advantage model of choice

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

Research output: Contribution to journalArticle

57 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 languageEnglish (US)
Pages (from-to)1-23
Number of pages23
JournalJournal of Behavioral Decision Making
Volume2
Issue number1
DOIs
StatePublished - Jan 1 1989

All Science Journal Classification (ASJC) codes

  • Decision Sciences(all)
  • 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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