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<p>Preference reversal (PR) occurs when individuals reverse their preferences between safe and risky bets depending on the elicitation method (e.g., direct choice vs. certainty equivalence). Although prior research has rarely examined the influence of relative payoff ratios between bets on choice preferences and PR, this meta-analysis synthesizes data from 22 experiments or treatments across 13 studies, comprising 326 unique scenarios (<i>N</i> = 1,947). The mean effect sizes were close to zero, but substantial heterogeneity emerged across studies. Several idiosyncratic moderators—including probability and payoff structures and design features—appear to shape when choice preferences and PR are more likely to occur.</p>

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Magnitude effects in preference reversals: A meta-analysis

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2025年9月20日

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  • Yong Lu

摘要

Preference reversal (PR) occurs when individuals reverse their preferences between safe and risky bets depending on the elicitation method (e.g., direct choice vs. certainty equivalence). Although prior research has rarely examined the influence of relative payoff ratios between bets on choice preferences and PR, this meta-analysis synthesizes data from 22 experiments or treatments across 13 studies, comprising 326 unique scenarios (N = 1,947). The mean effect sizes were close to zero, but substantial heterogeneity emerged across studies. Several idiosyncratic moderators—including probability and payoff structures and design features—appear to shape when choice preferences and PR are more likely to occur.