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Construction of Preference

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ISBN-10: 0521834287

ISBN-13: 9780521834285

Edition: 2006

Authors: Sarah Lichtenstein, Paul Slovic

List price: $165.00
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Description:

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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Book details

List price: $165.00
Copyright year: 2006
Publisher: Cambridge University Press
Publication date: 9/18/2006
Binding: Hardcover
Pages: 810
Size: 6.50" wide x 9.75" long x 1.75" tall
Weight: 2.684
Language: English

Sarah Lichtenstein is a founder and Treasurer of Decision Research. Her fields of specialization are human judgment, decision making, risk perception, and risk assessment. She is now retired but continues as an advisor and consultant to Decision Research. She published numerous journal articles and book chapters on topics such as preference reversals and value structuring. She is a Fellow of the American Psychological Association and served on the editorial boards of Organizational Behavior and Human Performance and Acta Psychologica. She is a co-author of the 1981 book Acceptable Risk.

Dr. Slovic studies judgment and decision processes with an emphasis on decision making under conditions of risk. His work examines fundamental issues such as the influence of affect on judgments and decisions. He also studies the factors that underlie perceptions of risk and attempts to assess the importance of these perceptions for the management of risk in society. His most recent research examines psychological factors contributing to apathy toward genocide. He no longer does classroom teaching but does advise students in their research. For further information visit Dr. Slovic's website: www.decisionresearch.org

Contributors
Preface
Acknowledgments
Introduction
The Construction of Preference: An Overview
Preference Reversals
Relative Importance of Probabilities and Payoffs in Risk Taking
Reversals of Preference Between Bids and Choices in Gambling Decisions
Response-Induced Reversals of Preference in Gambling: An Extended Replication in Las Vegas
Economic Theory of Choice and the Preference Reversal Phenomenon
Psychological Theories of Preference Reversals
Contingent Weighting in Judgment and Choice
Cognitive Processes in Preference Reversals
The Causes of Preference Reversal
Preference Reversals Between Joint and Separate Evaluations of Options: A Review and Theoretical Analysis
Attribute-Task Compatibility as a Determinant of Consumer Preference Reversals
Preferences Constructed From Dynamic Microprocessing Mechanisms
Evidence for Preference Construction
Construction of Preferences by Constraint Satisfaction
"Coherent Arbitrariness": Stable Demand Curves Without Stable Preferences
Tom Sawyer and the Construction of Value
When Web Pages Influence Choice: Effects of Visual Primes on Experts and Novices
When Choice Is Demotivating: Can One Desire Too Much of a Good Thing?
Theories of Preference Construction
Constructive Consumer Choice Processes
Decision Making and Action: The Search for a Dominance Structure
Pre- and Post-Decision Construction of Preferences: Differentiation and Consolidation
Choice Bracketing
Constructing Preferences From Memory
Affect and Reason
Reason-Based Choice
The Affect Heuristic
The Functions of Affect in the Construction of Preferences
Mere Exposure: A Gateway to the Subliminal
Introspecting About Reasons Can Reduce Post-Choice Satisfaction
Miswanting
New Challenges to the Rationality Assumption
Distinction Bias: Misprediction and Mischoice Due to Joint Evaluation
Lay Rationalism and Inconsistency Between Predicted Experience and Decision
Miswanting: Some Problems in the Forecasting of Future Affective States
Contingent Valuation
Economic Preferences or Attitude Expressions? An Analysis of Dollar Responses to Public Issues
Music, Pandas, and Muggers: On the Affective Psychology of Value
Valuing Environmental Resources: A Constructive Approach
Preference Management
Measuring Constructed Preferences: Towards a Building Code
Constructing Preferences From Labile Values
Informed Consent and the Construction of Values
Do Defaults Save Lives?
Libertarian Paternalism Is Not an Oxymoron
References
Index