Modeling choice and valuation in decision experiments
Loomes, Graham, Professor of economics. (2010) Modeling choice and valuation in decision experiments. Psychological Review, Vol.117 (No.3). pp. 902-924. ISSN 0033-295XFull text not available from this repository.
Official URL: http://dx.doi.org/10.1037/a0019807
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|
|Official Date:||July 2010|
|Number of Pages:||23|
|Page Range:||pp. 902-924|
|Access rights to Published version:||Restricted or Subscription Access|
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