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Time Preference and Preference Reversal Among Experienced Subjects: The Effects of Real Payments

Bohm, Peter

The Economic journal (London), 1994-11, Vol.104 (427), p.1370-1378 [Periódico revisado por pares]

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Título:
Time Preference and Preference Reversal Among Experienced Subjects: The Effects of Real Payments
Autor: Bohm, Peter
Assuntos: Auctions ; Bank workers ; Bid prices ; Consumer behavior ; Decision making ; Economic theory ; Finance ; Lotteries ; Payments ; Preferences ; Prices ; Reservation prices ; Selling price ; Studies ; Test theory
É parte de: The Economic journal (London), 1994-11, Vol.104 (427), p.1370-1378
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: Preference reversal has been frequent in tests with hypothetical, or small real, payoffs concerning lotteries as well as claims redeemable at different future dates. PR is tested here for the latter case with nontrivial payment levels and subjects likely to deal with decisions of this type. It is found (1) that replacing hypothetical by real-payment tests reduces PR rates from 62% to 15% for subjects `predicted' to reverse preferences, and (2) that the real overall PR rate (before correcting for response errors) is 19%, much lower than in earlier studies.
Editor: Cambridge: Blackwell Publishers
Idioma: Inglês

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