Prediction of Preference Reversals by the Linearized Moments Model

Abstract

it is often the case that two or more decision problems are at first sight equivalent to the decision analyst / it is noted that in the case of "preference reversals" the choice problems may not be equivalent / a careful description of the problem in terms of decision trees is suggested empirical observations in preference reversal experiments may be predicted by the linearized movements model (LMM) / the LMM contains transitive preferences, but not the substitution principle of expected utility theory / this places the LMM and the EURDP model (expected utility with rank dependent probability) in the same class / some advantages of the LMM are noted (PsycINFO Database Record (c) 2016 APA, all rights reserved)