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The Construction of Preference (Hardcover)
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The Construction of Preference (Hardcover)
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Total price: R3,040
Discovery Miles: 30 400
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One of the main themes that has emerged from behavioral decision
research during the past three decades is the view that people's
preferences are often constructed in the process of elicitation.
This idea is derived from studies demonstrating that normatively
equivalent methods of elicitation (e.g., choice and pricing) give
rise to systematically different responses. These preference
reversals violate the principle of procedure invariance that is
fundamental to all theories of rational choice. If different
elicitation procedures produce different orderings of options, how
can preferences be defined and in what sense do they exist? This
book shows not only the historical roots of preference construction
but also the blossoming of the concept within psychology, law,
marketing, philosophy, environmental policy, and economics.
Decision making is now understood to be a highly contingent form of
information processing, sensitive to task complexity, time
pressure, response mode, framing, reference points, and other
contextual factors.
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