In preference reversal, subjects prefer one gamble when they anchor on outcomes and another when they anchor on probabilities.

Name: In preference reversal, subjects prefer one gamble when they anchor on outcomes and another when they anchor on probabilities.
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Question

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Preference reversal occurs when subjects' preferences for two different gambles switch depending on whether they are anchored on the probabilities or the outcomes of the gambles.

In Preference Reversal, Subjects Prefer One Gamble When They Anchor