Study of preference reversals originated with cognitive psychologists and has spread to experimental economics because it is directly relevant to the empirical validity of economic theories of decision-making under uncertainty. A preference reversal experiment involves paired choice and...

A testable form of the utility hypothesis results from identifying necessary condition(s) for the existence of a utility function that rationalizes the price and quantity data, meaning a utility function that correctly predicts choices that do not violate an agent's budget constraint. Possible...