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Effect of choice set on valuation of risky prospects
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Stewart, Neil, Chater, Nick and Stott, H. P. (2001) Effect of choice set on valuation of risky prospects. In: CogSci 2006: 23rd Annual Conference of the Cognitive Science Society, Edinburgh, Scotland, August 1-4 2001 pp. 982-987. ISBN 9780805841527.
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Abstract
Current models of decision making under risk assume
access to the absolute magnitudes of gamble attributes.
The two experiments presented here provide evidence
that decisions under risk are based, in addition, on the
context of the decision. In Experiment 1 the set of
options offered as certainty equivalents was shown to
determine the value of simple gambles of the form “p
chance of £x”. Experiment 2 employed a novel procedure
where the payment structure was such that it was optimal
for participants to provide truthful certainty equivalents.
Again, the context provided by the set of certainty
equivalents influenced the choice of certainty equivalent.
| Item Type: | Conference Item (Paper) | ||||
|---|---|---|---|---|---|
| Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||
| Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||
| Library of Congress Subject Headings (LCSH): | Decision making, Gambling -- Psychology, Probabilities, Perception | ||||
| Publisher: | L. Erlbaum | ||||
| Place of Publication: | Mahwah, N.J. | ||||
| ISBN: | 9780805841527 | ||||
| Book Title: | CogSci 2001: Proceedings of the 23rd annual conference of the Cognitive Science Society : August 1-4 2001, Human Communication Research Centre, University of Edinburgh, Edinburgh, Scotland | ||||
| Editor: | Moore, Johanna D. and Stenning, Keith | ||||
| Official Date: | 2001 | ||||
| Dates: |
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| Number of Pages: | 1174 | ||||
| Page Range: | pp. 982-987 | ||||
| Status: | Not Peer Reviewed | ||||
| Conference Paper Type: | Paper | ||||
| Title of Event: | CogSci 2006: 23rd Annual Conference of the Cognitive Science Society | ||||
| Type of Event: | Conference | ||||
| Location of Event: | Edinburgh, Scotland | ||||
| Date(s) of Event: | August 1-4 2001 |
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