Amiel, Yoram, Cowell, Frank, Davidovitz, Leima and Polovin, Avraham (2003) Preference reversals and the analysis of income distributions. Distributional Analysis Research Programme; DARP 66, 66. Suntory and Toyota International Centres for Economics and Related Disciplines, London School of Economics and Political Science, London, UK.
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It is known from the literature on uncertainty that in cases where individuals express a preference for a high win-probability bet over a bet with high winnings they nevertheless will bid more to obtain the bet with high winnings. We investigate whether a similar phenomenon applies in the parallel social-choice situation. Here decisions are to be made between a distribution with a small group of very highincome people. Results from a number of experimental designs are analysed.
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