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The Construction of Preference

Interview Conducted by Dr. Sarah Lichtenstein

The Appendix to chapter 3 includes a previously unpublished transcript from a half-hour post-experimental interview that occurred in May 1968. The experiment is described in the chapter. In this audio excerpt from the interview, the subject is being questioned about the reversal inherent in his bids for and choices of the two bets shown in the table below.

He chose Bet B over Bet A on three replications. He also bid three times for Bet A and three times for Bet B, as shown in the table.

Listen to the excerpt

Bet A Bet B
11   to win 1600 points and
36
25   to lose 150 points
36
35   to win 400 points and
36
1   to lose 100 points
36
Bids
1
2
3
500
650
550
400
400
400
© 2007 Decision Research
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