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Preference reversals under ambiguity / Hela Maafi in Management science, Vol. 57 N° 11 (Novembre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 11 (Novembre 2011) . - pp. 2054-2066 Titre : Preference reversals under ambiguity Type de document : texte imprimé Auteurs : Hela Maafi, Auteur Année de publication : 2012 Article en page(s) : pp. 2054-2066 Note générale : Management Langues : Anglais (eng) Mots-clés : Ambiguity  Classical  preference  reversal  Choice  versus  valuation  Prospect  theory  Decision  weights Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Preference reversals have been widely studied using risky or riskless gambles. However, little is known about preference reversals under ambiguity (unknown probabilities). Subjects were asked to make a binary choice between ambiguous P-bets (big likelihood of giving small prize) and ambiguous $-bets (small likelihood of giving large prize) and their willingness to accept was elicited. Subjects then performed the same two tasks with risky bets, where the probability of winning for a given risky bet is the center of the probability interval of the corresponding ambiguous bet. Preference reversals are not only replicated under ambiguity but are even stronger than are those under risk. This is due to higher elicited prices for the $-bet and lower elicited prices for the P-bet under ambiguity than under risk. This result can be explained by the shape of the weighting function for different levels of uncertainty and for different elicitation modes. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/11/2054.abstract [article] Preference reversals under ambiguity [texte imprimé] / Hela Maafi, Auteur . - 2012 . - pp. 2054-2066. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 11 (Novembre 2011) . - pp. 2054-2066 Mots-clés : Ambiguity  Classical  preference  reversal  Choice  versus  valuation  Prospect  theory  Decision  weights Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Preference reversals have been widely studied using risky or riskless gambles. However, little is known about preference reversals under ambiguity (unknown probabilities). Subjects were asked to make a binary choice between ambiguous P-bets (big likelihood of giving small prize) and ambiguous $-bets (small likelihood of giving large prize) and their willingness to accept was elicited. Subjects then performed the same two tasks with risky bets, where the probability of winning for a given risky bet is the center of the probability interval of the corresponding ambiguous bet. Preference reversals are not only replicated under ambiguity but are even stronger than are those under risk. This is due to higher elicited prices for the $-bet and lower elicited prices for the P-bet under ambiguity than under risk. This result can be explained by the shape of the weighting function for different levels of uncertainty and for different elicitation modes. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/11/2054.abstract