Standard utility maximization cannot be used to describe preference reversals.
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Q5: The default option bias implies that the
Q6: The status quo bias is necessarily inconsistent
Q7: There are three bundles of goods:
Q8: A preference reversal is a violation of
Q9: If there is a violation of transitivity
Q11: Consider two bundles
Q12: Diminishing Sensitivity implies that when there are
Q13: Consider the constant loss aversion utility
Q14: If the amount of utility I receive
Q15: The endowment effect is only an "anomaly"
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