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Seeing is not enough : manipulating choice options causes focusing and preference change in multiattribute risky decision-making
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Vlaev, Ivo, Chater, Nick and Stewart, Neil (2008) Seeing is not enough : manipulating choice options causes focusing and preference change in multiattribute risky decision-making. Journal of Behavioral Decision Making, Vol.21 (No.5). pp. 556-574. doi:10.1002/bdm.601 ISSN 0894-3257.
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Official URL: http://dx.doi.org/10.1002/bdm.601
Abstract
We show that preferences depend on the attributes that can be directly manipulated when people need to integrate multiple sources of information because direct manipulation causes focusing bias. This effect appears even when all relevant information is simultaneously and explicitly presented at the time the decisions are made. Participants decided how much to save, what investment risk to take and observed the future financial consequences in terms of the mean and variability of the expected retirement income. Participants who manipulated only the future income distribution saved more and took less risk. This effect disappears when the risk-related variables are removed. which indicates that task complexity is a mediator of such focusing effects. A more balanced trade-off between the choice attributes was selected when all attributes were manipulated. However, when there is a dichotomy between manipulating versus observing choice attributes, then decisions were based mostly on the manipulated attributes. Copyright (c) 2008 John Wiley & Sons. Ltd.
| Item Type: | Journal Article | ||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HG Finance |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Science, Engineering and Medicine > Science > Psychology Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Corporations -- Finance -- Management, Finance -- Decision making, Business enterprises -- Finance -- Management, Saving and investment, Risk | ||||
| Journal or Publication Title: | Journal of Behavioral Decision Making | ||||
| Publisher: | John Wiley & Sons Ltd. | ||||
| ISSN: | 0894-3257 | ||||
| Official Date: | December 2008 | ||||
| Dates: |
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| Volume: | Vol.21 | ||||
| Number: | No.5 | ||||
| Number of Pages: | 19 | ||||
| Page Range: | pp. 556-574 | ||||
| DOI: | 10.1002/bdm.601 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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