ABSTRACT
The inconsistency of human choice behavior led to the development of probabilistic choice models. This inconsistency is apparent in two ways. First, a subject tends to be inconsistent over replications. If a subject is repeatedly presented the same set of choice alternatives and asked to indicate which alternative he or she most prefers, he or she will not always respond in the same manner. Second, as is well known (e.g., Tversky, 1972b), a subject often experiences considerable subjective uncertainty when making such preference judgments.
