ABSTRACT
Rationality on the part of economic agents is presumed in economic models. A rational consumer has experience in markets, has experience with the available bundles of goods, and has clearly defined preferences over those bundles. This rationality has come into question in the literature for a variety of reasons, one being the inconsistent choices consumers make when choosing preference between two bundles of goods and then being asked for their willingness to pay for the two bundles – preference reversals (Grether and Plott, 1979).1 The phenomenon of preference reversals shows a potential failure in economic theory.2
