Loomes, Graham, Professor of economics. (2010) Modeling choice and valuation in decision experiments. Psychological Review, Vol.117 (No.3). pp. 902-924. ISSN 0033-295X

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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
Volume:	Vol.117
Number:	No.3
Number of Pages:	23
Page Range:	pp. 902-924
Identification Number:	10.1037/a0019807
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
URI:	http://wrap.warwick.ac.uk/id/eprint/5449

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