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Salience driven value integration explains decision biases and preference reversal
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Tsetsos, Konstantinos, Chater, Nick and Usher, Marius (2012) Salience driven value integration explains decision biases and preference reversal. Proceedings of the National Academy of Sciences of the United States of America, Volume 109 (Number 24). pp. 9659-64. doi:10.1073/pnas.1119569109 ISSN 0027-8424.
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Official URL: http://dx.doi.org/10.1073/pnas.1119569109
Abstract
Human choice behavior exhibits many paradoxical and challenging patterns. Traditional explanations focus on how values are represented, but little is known about how values are integrated. Here we outline a psychophysical task for value integration that can be used as a window on high-level, multiattribute decisions. Participants choose between alternative rapidly presented streams of numerical values. By controlling the temporal distribution of the values, we demonstrate that this process underlies many puzzling choice paradoxes, such as temporal, risk, and framing biases, as well as preference reversals. These phenomena can be explained by a simple mechanism based on the integration of values, weighted by their salience. The salience of a sampled value depends on its temporal order and momentary rank in the decision context, whereas the direction of the weighting is determined by the task framing. We show that many known choice anomalies may arise from the microstructure of the value integration process.
| Item Type: | Journal Article | ||||
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Journal or Publication Title: | Proceedings of the National Academy of Sciences of the United States of America | ||||
| Publisher: | National Academy of Sciences | ||||
| ISSN: | 0027-8424 | ||||
| Official Date: | 12 June 2012 | ||||
| Dates: |
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| Volume: | Volume 109 | ||||
| Number: | Number 24 | ||||
| Page Range: | pp. 9659-64 | ||||
| DOI: | 10.1073/pnas.1119569109 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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