Elimination by aspects as a decision rule for risky choice

Abstract

The Elimination By Aspects (EBA) model of Restle (1961) and Tversky (1972a, b) was applied to risky choice. The choice alternatives were duplex gambles and it was assumed that their valued aspects are explicit probabilities and payoffs. Four consequences of the model were described and three of these were tested in a paired comparisons experiment. The experiment was ran as a computer game, where the computer gave feedback of the results of the gambles chosen. The choices were not hypothetical, since the results of bets determined the amount subjects were paid. Substantial violations of two of the consequences were found while the third was not violated. It was suggested that the violations were due to interactions between the explicit aspects which produced new aspects. It is concluded that (i) the EBA model with explicit aspects cannot hold unless the aspects are independent and (ii) no single decision rule, such as Elimination By Aspects, can account for choice behaviour.