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Information integration in risky choice : identification and stability
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Stewart, Neil (2011) Information integration in risky choice : identification and stability. Frontiers in Psychology, Vol.2 (No.301). doi:10.3389/fpsyg.2011.00301 ISSN 1664-1078.
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Official URL: http://dx.doi.org/10.3389/fpsyg.2011.00301
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 | ||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||
Divisions: | Faculty of Science, Engineering and Medicine > 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 | ||||
Official Date: | 15 November 2011 | ||||
Dates: |
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Volume: | Vol.2 | ||||
Number: | No.301 | ||||
DOI: | 10.3389/fpsyg.2011.00301 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 18 December 2015 | ||||
Date of first compliant Open Access: | 18 December 2015 |
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