The Strategic Development of Expertise in Avoiding Preference Reversal (526 words, 1 pages)
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-probabilitylow-payoff, bets than to longshot, low-probabilityhigh-payoff, bets, when they are asked in a pricing condition ...
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