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An advantage model of choice
Author(s) -
Shafir Eldar B.,
Osherson Daniel N.,
Smith Edward E.
Publication year - 1989
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.3960020102
Subject(s) - simple (philosophy) , domain (mathematical analysis) , mathematical economics , prospect theory , econometrics , computer science , model theory , economics , mathematics , microeconomics , epistemology , mathematical analysis , philosophy , discrete mathematics
A descriptive model of choice between simple lotteries is proposed. According to the model, people combine 'absolute' and 'comparative' strategies in choice situations. Three experimental tests of the model are reported. In its limited domain, the model appears superior to Prospect Theory on qualitative grounds, and to 1‐parameter versions of Expected Utility Theory on both qualitative and quantitative grounds.