EXPRESSION THEORY AND THE PREFERENCE REVERSAL PHENOMENA
EXPRESSION THEORY AND THE PREFERENCE REVERSAL PHENOMENA
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DOI:
10.1037/0033-295x.94.2.236
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发表时间:
1987-04-01
影响因子:
5.4
通讯作者:
EINHORN, HJ
中科院分区:
文献类型:
--
作者:
GOLDSTEIN, WM;EINHORN, HJ
The preference reversal phenomenon refers to the fact that people who choose gamble A over B often ask for less money to sell A than B. However, previous research has confounded judgment versus choice with the response scale used to express preference (eg, prices in dollars vs. ratings of attractiveness). When these factors are crossed in a 2× 2 design, six pairs of preference reversals are possible. Experiment 1 demonstrates that all of these reversals exist in one-outcome gambles; hence, there are preference reversal phenomena. We then develop expression theory to account for the results. The theory assumes that the basic evaluation of a gamble is expressed on various scales via a subjective interpolation process. This process involves the matching of proportional adjustments on the utility scale to proportional adjustments on the price and rating scales. A quantitative model is developed that accounts for both the magnitude and direction of the various reversals. In Experiment 2, the model correctly predicts that the strength of reversals is weakened using two-outcome gambles. Nevertheless, five of the six reversals are still significant. In Experiment 3, empirical violations of dominance are demonstrated and the results are shown to be consistent with expression theory. In Experiment 4, the model is used to predict ratings from prices and vice versa. We then discuss the psychological assumptions underlying expression theory and the generality of the model to both decision and non-decision-making contexts.