The Library
Living near the edge : how extreme outcome and their neighbours drive risky choice
Tools
Ludvig, Elliot Andrew, Madam, Christopher R., McMillan, Neil, Xu, Heather and Spetch, Marcia L. (2018) Living near the edge : how extreme outcome and their neighbours drive risky choice. Journal of Experimental Psychology: General, 147 (12). pp. 1905-1918. doi:10.1037/xge0000414 ISSN 0096-3445.
|
PDF
WRAP-living-edge-extreme-outcome-neighbours-drive-risky-choice-Ludvig-2018.pdf - Accepted Version - Requires a PDF viewer. Download (3732Kb) | Preview |
|
PDF
SHERPA_RoMEO-JEP-GEN_APA_30-8-2018.pdf - Permissions Correspondence Embargoed item. Restricted access to Repository staff only - Requires a PDF viewer. Download (133Kb) |
Official URL: https://doi.org/10.1037/xge0000414
Abstract
Extreme stimuli are often more salient in perception and memory than moderate stimuli. In risky choice, when people learn the odds and outcomes from experience, the extreme outcomes (best and worst) also stand out. This additional salience leads to more risk-seeking for relative gains than for relative losses—the opposite of what people do when queried in terms of explicit probabilities. Previous research has suggested that this pattern arises because the most extreme experienced outcomes are more prominent in memory. An important open question, however, is what makes these extreme outcomes more prominent? Here we assess whether extreme outcomes stand out because they fall at the edges of the experienced outcome distributions or because they are distinct from other outcomes. Across four experiments, proximity to the edge determined what was treated as extreme: Outcomes at or near the edge of the outcome distribution were both better remembered and more heavily weighted in choice. This prominence did not depend on two metrics of distinctiveness: lower frequency or distance from other outcomes. This finding adds to evidence from other domains that the values at the edges of a distribution have a special role.
Item Type: | Journal Article | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Subjects: | B Philosophy. Psychology. Religion > BF Psychology | |||||||||
Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | |||||||||
Library of Congress Subject Headings (LCSH): | Choice (Psychology), Memory, Decision making | |||||||||
Journal or Publication Title: | Journal of Experimental Psychology: General | |||||||||
Publisher: | American Psychological Association | |||||||||
ISSN: | 0096-3445 | |||||||||
Official Date: | 22 March 2018 | |||||||||
Dates: |
|
|||||||||
Volume: | 147 | |||||||||
Number: | 12 | |||||||||
Page Range: | pp. 1905-1918 | |||||||||
DOI: | 10.1037/xge0000414 | |||||||||
Status: | Peer Reviewed | |||||||||
Publication Status: | Published | |||||||||
Reuse Statement (publisher, data, author rights): | "©American Psychological Association, 2018. This paper is not the copy of record and may not exactly replicate the authoritative document published in the APA journal. Please do not copy or cite without author's permission. The final article is available, upon publication, at: https://doi.org/10.1037/xge0000414 | |||||||||
Access rights to Published version: | Restricted or Subscription Access | |||||||||
Date of first compliant deposit: | 25 January 2018 | |||||||||
Date of first compliant Open Access: | 31 August 2018 | |||||||||
RIOXX Funder/Project Grant: |
|
|||||||||
Related URLs: | ||||||||||
Open Access Version: |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |
Downloads
Downloads per month over past year