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Testing the rate of preference reversal in personal and social decision-making

Oliver, Adam (2013) Testing the rate of preference reversal in personal and social decision-making. Journal of Health Economics, 32 (6). pp. 1250-1257. ISSN 0167-6296

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Identification Number: 10.1016/j.jhealeco.2013.10.003

Abstract

Classic preference reversal, where choice and valuation procedures generate inconsistent preference orderings, has rarely been tested in hypothetical health care treatment scenarios. Two studies - the first non-incentivised and the second incentivised - are reported in this article. In both studies, respondents are asked to make decisions that affect themselves (a personal decision making frame) and those for whom they are responsible (a social decision making frame). The results show non-negligible and systematic rates of preference reversal in both frames, although these rates are slightly, but non-significantly, lower in the incentivised condition. Moreover, in both studies, the rate of predicted preference reversal was somewhat higher in the social than in the personal decision making frame, a finding that is explained by greater risk aversion when choosing treatment options for others than when choosing treatments for oneself.

Item Type: Article
Official URL: http://www.journals.elsevier.com/journal-of-health...
Additional Information: © 2013 Elsevier B.V.
Divisions: Social Policy
LSE Health
Subjects: H Social Sciences > HM Sociology
Sets: Departments > Social Policy
Research centres and groups > LSE Health
Date Deposited: 02 Dec 2013 08:19
Last Modified: 20 Jan 2020 05:09
URI: http://eprints.lse.ac.uk/id/eprint/54742

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