Stewart, Neil, 1974-, 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.

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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 > 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
Date:	2001
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Status:	Not Peer Reviewed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
URI:	http://wrap.warwick.ac.uk/id/eprint/36075

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