Wednesday, 8 August 2012

Joint versus Separate Preference Reversal

Source: http://www.study-aids.co.uk

​Both joint and separate reversals refer to how different people tend to control their emotions (List, 2006). Joint preference reversal refers to making of decisions on several issues at the same time. In joint evaluation one can make many decisions and evaluate them simultaneously. While separate reversal refers to making of decisions one at a time. In joint evaluation, a person can reduce emotions while making decisions mostly on public actions. Joint reversal is a better form of decision-making strategy because one gets the time to analysis about something before taking action (List, 2006).

​However, separate option of decision making is desirable by people because it is the want option (List, 2006). The two preference reversals are similar in a manner that emotions do control the decision of making judgments. The difference of the two evaluations is that the willingness of paying attention to the personal desire is higher than the one of analyzing the results of the act that one may take. On joint evaluation people may take time to consider and evaluate decisions between the alternative options of a certain problem affecting them in their common life. Separate evaluation results to people failing to have time to detect the preferable course of action before doing anything they might later regret (Loewenstein, 2007).

​When considering which evaluation a consumer may take, it is better considering various things that bring effective results (List, 2006). For example, if the decision of a person is to make a goal the most valuable target, then the preferred evaluation would be the joint one. Separate evaluation would be better when the goals one ought to choose may optimize one’s experience. On both evaluations, it is clear that the separate reactions on emotions are caused by their effect on cognitive evaluation. This makes the difference between the two preference reversals (Loewenstein, 2007).

Reference

List, A. J. (2006). Using experimental methods in environmental and resource economics. New ​York:  Edward Elgar Publishing.

Loewenstein, G. (2007). Exotic preferences: behavioral economics and human motivation. New ​York: Oxford University Press.