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A descriptive model of choice between simple lotteries is proposed. According to the model, people combine 'absolute' and 'comparative' strategies in choice situations. Three experimental tests of the model are reported. In its limited domain, the model appears superior to Prospect Theory on qualitative grounds, and to 1‐parameter versions of Expected Utility Theory on both qualitative and quantitative grounds.
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Shafir et al. (1989) studied this question.
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