Skip to content Skip to navigation
University of Warwick
  • Study
  • |
  • Research
  • |
  • Business
  • |
  • Alumni
  • |
  • News
  • |
  • About

University of Warwick
Publications service & WRAP

Highlight your research

  • WRAP
    • Home
    • Search WRAP
    • Browse by Warwick Author
    • Browse WRAP by Year
    • Browse WRAP by Subject
    • Browse WRAP by Department
    • Browse WRAP by Funder
    • Browse Theses by Department
  • Publications Service
    • Home
    • Search Publications Service
    • Browse by Warwick Author
    • Browse Publications service by Year
    • Browse Publications service by Subject
    • Browse Publications service by Department
    • Browse Publications service by Funder
  • Help & Advice
University of Warwick

The Library

  • Login
  • Admin

Prospect relativity: how choice options influence decision under risk.

Tools
- Tools
+ Tools

Stewart, Neil, Chater, Nick, Stott , Henry P. and Reimers, Stian (2003) Prospect relativity: how choice options influence decision under risk. Journal of Experimental Psychology: General, Vol.132 (No.1). pp. 23-46. doi:10.1037/0096-3445.132.1.23

[img]
Preview
PDF
WRAP_STewart_prospect_relativity.pdf - Requires a PDF viewer.

Download (371Kb)
Official URL: http://dx.doi.org/10.1037/0096-3445.132.1.23

Request Changes to record.

Abstract

In many theories of decision under risk (e.g., expected utility theory, rank-dependent utility theory, and prospect theory), the utility of a prospect is independent of other options in the choice set. The experiments presented here show a large effect of the available options, suggesting instead that prospects are valued relative to one another. The judged certainty equivalent for a prospect is strongly influenced by the options available. Similarly, the selection of a preferred prospect is strongly influenced by the prospects available. Alternative theories of decision under risk (e.g., the stochastic difference model, multialternative decision field theory, and range frequency theory), where prospects are valued relative to one another, can provide an account of these context effects.

Item Type: Journal Article
Subjects: B Philosophy. Psychology. Religion > BF Psychology
Divisions: Faculty of Science > Psychology
Library of Congress Subject Headings (LCSH): Choice (Psychology), Risk -- Decision making, Decision making -- Testing, Multiple criteria decision making
Journal or Publication Title: Journal of Experimental Psychology: General
Publisher: American Psychological Association
ISSN: 0096-3445
Official Date: March 2003
Dates:
DateEvent
March 2003Published
Volume: Vol.132
Number: No.1
Page Range: pp. 23-46
DOI: 10.1037/0096-3445.132.1.23
Status: Peer Reviewed
Access rights to Published version: Open Access
Funder: Economic and Social Research Council (Great Britain) (ESRC), Oliver, Wyman & Company (OWCo.), European Commission (EC)
Grant number: R000239351 (ESRC), RTN-HPRN-CT-1999-00065 (EC)

Data sourced from Thomson Reuters' Web of Knowledge

Request changes or add full text files to a record

Repository staff actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics

twitter

Email us: wrap@warwick.ac.uk
Contact Details
About Us