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Quantitative tests of the perceived relative argument model : reply to Guo and Regenwetter (2014)
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Loomes, Graham (2014) Quantitative tests of the perceived relative argument model : reply to Guo and Regenwetter (2014). Psychological Review, 121 (4). pp. 706-710. doi:10.1037/a0037841 ISSN 0033-295X.
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Official URL: http://dx.doi.org/10.1037/a0037841
Abstract
Guo and Regenwetter (2014) took the perceived relative argument model, added various auxiliary assumptions of their own about the utility of money, made assumptions about possible stochastic specifications, and tested the various combined models against data from an experiment they conducted. However, their modeling assumptions were questionable and their experiment was unsatisfactory: The stimuli omitted crucial information, the incentives were weak, and the task load was excessive. These shortcomings undermine the quality of the data, and the study provides no new information about the scope and limitations of the perceived relative argument model or its performance relative to other models of risky choice.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Decision making -- Mathematical models, Probabilities, Risk, Evaluation | ||||||
Journal or Publication Title: | Psychological Review | ||||||
Publisher: | American Psychological Association | ||||||
ISSN: | 0033-295X | ||||||
Official Date: | October 2014 | ||||||
Dates: |
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Volume: | 121 | ||||||
Number: | 4 | ||||||
Page Range: | pp. 706-710 | ||||||
DOI: | 10.1037/a0037841 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 8 May 2017 | ||||||
Date of first compliant Open Access: | 9 May 2017 | ||||||
Funder: | Economic and Social Research Council (Great Britain) (ESRC), Leverhulme Trust (LT) | ||||||
Grant number: | ES/K002201/1 (ESRC), Valueβ Programme, RP2012-V-022 (LT) |
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