Preference Reversals Between Joint and Separate Evaluations of Options: A Review and Theoretical Analysis
Christopher K. Hsee
University of Chicago - Booth School of Business
Carnegie Mellon University - Department of Social and Decision Sciences
New York University (NYU) - Department of Management and Organizational Behavior
Max H. Bazerman
Harvard Business School - Negotiations, Organizations and Markets Unit
Psychological Bulletin, Vol. 125, No. 5, 1999
Harvard NOM Working Paper No. 06-14
Arguably, all judgments and decisions are made in 1 (or some combination) of 2 basic evaluation modes-joint evaluation mode (JE), in which multiple options are presented simultaneously and evaluated comparatively, or separate evaluation mode (SE), in which options are presented in isolation and evaluated separately. This article reviews recent literature showing that people evaluated options differently and exhibit reversals of preferences for options between JE and SE. The authors propose an explanation for the JE/SE reversal based on a principle called the evaluability hypothesis. The hypothesis posits that it is more diffecult to evaluate the desirability of values on some attributes than on others and that, compared with easy-to-evaluate attributes, difficult-to-evaluate attributes have a greater impact in JE than in SE.
Number of Pages in PDF File: 16
Keywords: evaluability, joint evaluation, separate evaluation, preference reversal, utility function
JEL Classification: D81, D11, D12, D91
Date posted: October 11, 2006
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