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Modeling choice and valuation in decision experiments
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Loomes, Graham (2010) Modeling choice and valuation in decision experiments. Psychological Review, 117 (3). pp. 902-924. doi:10.1037/a0019807
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Official URL: http://dx.doi.org/10.1037/a0019807
Abstract
This article develops a parsimonious descriptive model of individual choice and valuation in the kinds of experiments that constitute a substantial part of the literature relating to decision making under risk and uncertainty. It suggests that many of the best known "regularities" observed in those experiments may arise from a tendency for participants to perceive probabilities and payoffs in a particular way. This model organizes more of the data than any other extant model and generates a number of novel testable implications which are examined with new data.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
| Journal or Publication Title: | Psychological Review | ||||
| Publisher: | American Psychological Association | ||||
| ISSN: | 0033-295X | ||||
| Official Date: | July 2010 | ||||
| Dates: |
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| Volume: | 117 | ||||
| Number: | 3 | ||||
| Number of Pages: | 23 | ||||
| Page Range: | pp. 902-924 | ||||
| DOI: | 10.1037/a0019807 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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