Stewart, Neil, 1974-. (2011) Information integration in risky choice : identification and stability. Frontiers in Psychology, Vol.2 (No.301). ISSN 1664-1078

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Abstract

How is information integrated across the attributes of an option when making risky choices? In most descriptive models of decision under risk, information about risk, and reward is combined multiplicatively (e.g., expected value; expected utility theory, Bernouli, 1738/1954; subjective expected utility theory, Savage, 1954; Edwards, 1955; prospect theory, Kahneman and Tversky, 1979; rank-dependent utility, Quiggin, 1993; decision field theory, Busemeyer and Townsend, 1993; transfer of attention exchange model, Birnbaum, 2008). That is, (some transform of) probability is multiplied by (some transform of) reward to give a value for a risky prospect, and the prospect with the maximum value is then chosen.

Item Type:	Journal Article
Subjects:	B Philosophy. Psychology. Religion > BF Psychology
Divisions:	Faculty of Science > Psychology
Library of Congress Subject Headings (LCSH):	Decision making -- Mathematical models, Human information processing
Journal or Publication Title:	Frontiers in Psychology
Publisher:	Frontiers Media S.A.
ISSN:	1664-1078
Date:	15 November 2011
Volume:	Vol.2
Number:	No.301
Identification Number:	10.3389/fpsyg.2011.00301
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Open Access
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URI:	http://wrap.warwick.ac.uk/id/eprint/40471

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