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Revealed Preferences for Randomization: An Overview

Agranov, Marina and Ortoleva, Pietro (2022) Revealed Preferences for Randomization: An Overview. AEA Papers and Proceedings, 112 . pp. 426-430. ISSN 2574-0768. doi:10.1257/pandp.20221093.

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We survey the empirical evidence on subjects' desire to randomize and its relation to stochastic choice. Preferences for randomization are documented by a substantial body of empirical work using different methodologies and in several domains, including objective lotteries and ambiguous gambles, social preferences, time preferences, and games. The desire to randomize is correlated across domains and related to standard evidence of stochastic choice. We relate this evidence to models of nonexpected utility and incomplete preferences.

Item Type:Article
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URLURL TypeDescription Disclosure Statement(s)
Agranov, Marina0000-0002-0642-7975
Ortoleva, Pietro0000-0002-5943-6621
Additional Information:© 2022 American Economic Association.
Classification Code:JEL Classification D12 Consumer Economics: Empirical Analysis D44 Auctions D81 Criteria for Decision-Making under Risk and Uncertainty D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Dec
Record Number:CaltechAUTHORS:20220808-886765000
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Official Citation:Agranov, Marina, and Pietro Ortoleva. 2022. "Revealed Preferences for Randomization: An Overview." AEA Papers and Proceedings, 112: 426-30. DOI: 10.1257/pandp.20221093
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:116173
Deposited By: George Porter
Deposited On:11 Aug 2022 18:35
Last Modified:11 Aug 2022 18:35

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