This is the classic work upon which modern-day game theory is based. What began as a modest proposal that a mathematician and an economist write a short paper together blossomed, when Princeton University Press published Theory of Games and Economic Behavior. In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry (...) it yielded--game theory--has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences. (shrink)

A violation of procedure invariance in preference measurement is that the predominant or prominent attribute looms larger in choice than in a matching task. In Experiment 1, this so-called prominence effect was demonstrated for choices between pairs of options, choices to accept single options, and preference ratings of single options. That is, in all these response modes the prominent attribute loomed larger than in matching. The results were replicated in Experiment 2, in which subjects chose between or rated their preference (...) for pairs of options which were matched to be equally attractive either in the same session or 1 week earlier. On the basis of these and previous results, it is argued that the prominence effect is a reliable phenomenon. However, none of several cognitive explanations which have been offered appears to be completely viable. (shrink)

Several studies have shown that preference is not necessarily synonymous with choice. In particular, the most preferred object from a set of objects presented in a non—choice context is not necessarily chosen when the same objects are options in a choice situation (Lichtenstein & Slovic, 1971, 1973; Tversky, Sattah, & Slovic, 1988) . Our research on the choice—preference discrepancy replicates these findings and thus bears some resemblance to the study by Tversky, Sattah, and Slovic (1988). Two competing explanations are tested.

The study examines the relative merits of a noncompatibility and a restructuring explanation of the recurrent empirical finding that a prominent attribute looms larger in choices than in judgments. Pairs of equally attractive options were presented to 72 undergraduates who were assigned to six conditions in which they performed (1) only preference judgments or choices, (2) preference judgments or choices preceded by judgments of attractiveness of attribute levels, or (3) preference judgments or choices accompanied by think-aloud reports. The results replicated (...) the prominence efTect for choices, but a prominence effect was also found for preference judgments. In accordance with the restructuring explanation, the think-aloud protocols indicated that options were more often restructured in choices than in preference judgments. However, restructuring could not explain the prominence effect observed for preference judgments. A modified compatibility hypothesis is offered as an alternative explanation. (shrink)

The following values have no corresponding Zotero field: PB - JSTOR.