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Preference Reversal And Expert
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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, bets, when ....
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....(a situation of non-compatibility).
The development of expertise in avoiding preference reversal, then, would have to involve the circumvention of the compatibility effect. One possible way in which this could occur would involve subjects consistently selecting either payoff or probability as the critical factor in both choice and pricing conditio.... |
| Word count: 520 |
Page count: 2 |
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