@article{lichtenstein_reversals_1971,
	title = {Reversals of preference between bids and choices in gambling decisions},
	volume = {89},
	issn = {0022-1015(Print)},
	doi = {10.1037/h0031207},
	abstract = {Conducted 3 experiments in which undergraduate males (N = 261) chose their preferred bet from pairs of bets and later bid for each bet separately. In each pair, 1 bet had a higher probability of winning (P bet); the other offered more to win (\$ bet). Bidding method (selling vs. buying) and payoff method (real-play vs. hourly wage) were varied. Results show that when the P bet was chosen, the \$ bet often received a higher bid. It is concluded that these inconsistencies violate every risky decision model, but can be understood via information-processing considerations. In bidding, S starts with amount to win and adjusts it downward to account for other attributes of the bet. In choosing, there is no natural starting point: amount to win dominates bids but not choices. (PsycINFO Database Record (c) 2016 APA, all rights reserved)},
	number = {1},
	journal = {Journal of Experimental Psychology},
	author = {Lichtenstein, Sarah and Slovic, Paul},
	year = {1971},
	keywords = {Choice Behavior, Decision Making, Money, Preferences, Probability},
	pages = {46--55},
}

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