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Preference Reversal And Expert
Beginning of paper
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 “longshot”, low-probability/high-payoff, b .... Middle of paper
.... factors influencing the decision. Since the payoffs of the bets and the buy-out prices assigned to them are both monetary values, this leads people to give greater weight to the payoff value of the bets when asked to price them (a situation of compatibility) than when asked to choose between them (a situation of non-compatibility).
The development of expertise in avoiding preference reversal, then, would have to involve the circumvention of the ....
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Number of words: 520
Number of pages: 2 (approx. 250 words per double-spaced page)
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