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The Evaluability Hypothesis: An Explanation for Preference Reversals between Joint and Separate Evaluations of Alternatives

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Abstract

This research investigates a particular type of preference reversal (PR), existing between joint evaluation, where two stimulus options are evaluated side by side simultaneously, and separate evaluation, where these options are evaluated separately. I first examine how this PR differs from other types of PRs and review studies demonstrating this PR. I then propose an explanation, called theevaluability hypothesis,and report experiments that tested this hypothesis. According to this hypothesis, PRs between joint and separate evaluations occur because one of the attributes involved in the options is hard to evaluate independently and another attribute is relatively easy to evaluate independently. I conclude by discussing prescriptive implications of this research.

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This research is supported by a fourth quarter funding provided by the Graduate School of Business, University of Chicago. Correspondence and reprint requests should be addressed to Christopher K. Hsee, Graduate School of Business, University of Chicago, 1101 East 58th Street, Chicago, IL 60637. E-mail: christopher.hsee@ gsb.uchicago.edu. I thank Sally Blount, David Budescu, Bill Goldstein, Josh Klayman, Rick Larrick, George Loewenstein, Paul Slovic, Dick Thaler, and Elke Weber for their helpful comments on drafts of this article.

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