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

Encoding context determines risky choice

Tools
- Tools
+ Tools

Madan, Christopher R., Spetch, Marcia L., Machado, Fernanda, Mason, Alice and Ludvig, Elliot Andrew (2021) Encoding context determines risky choice. Psychological Science, 32 (5). pp. 743-754. doi:10.1177/0956797620977516 ISSN 0956-7976.

[img]
Preview
PDF
WRAP-Encoding-context-determines-risky-choice-Ludvig-2020.pdf - Accepted Version - Requires a PDF viewer.

Download (2245Kb) | Preview
Official URL: https://doi.org/10.1177/0956797620977516

Request Changes to record.

Abstract

Both memory and choice are influenced by context: Memory is enhanced when encoding and retrieval contexts match, and choice is swayed by available options. Here, we assessed how context influences risky choice in an experience-based task in two main experiments (119 and 98 participants retained, respectively) and two additional experiments reported in the Supplemental Material available online (152 and 106 participants retained, respectively). Within a single session, we created two separate contexts by presenting blocks of trials in distinct backgrounds. Risky choices were context dependent; given the same choice, people chose differently depending on other outcomes experienced in that context. Choices reflected an overweighting of the most extreme outcomes within each local context rather than the global context of all outcomes. When tested in the nontrained context, people chose according to the context at encoding and not retrieval. In subsequent memory tests, people displayed biases specific to distinct contexts: Extreme outcomes from each context were more accessible and judged as more frequent. These results pose a challenge for theories of choice that rely on retrieval as guiding choice.

Item Type: Journal Article
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HB Economic Theory
Divisions: Faculty of Science, Engineering and Medicine > Science > Psychology
Library of Congress Subject Headings (LCSH): Risk-taking (Psychology), Decision making , Memory , Economics -- Psychological aspects
Journal or Publication Title: Psychological Science
Publisher: Sage Publications, Inc.
ISSN: 0956-7976
Book Title: Encoding context determines risky choice
Official Date: 1 May 2021
Dates:
DateEvent
1 May 2021Published
28 April 2021Available
31 August 2020Accepted
Volume: 32
Number: 5
Page Range: pp. 743-754
DOI: 10.1177/0956797620977516
Status: Peer Reviewed
Publication Status: Published
Reuse Statement (publisher, data, author rights): Posted ahead of print. Madan, Christopher R., Spetch, Marcia L., Machado, Fernanda, Mason, Alice and Ludvig, Elliot Andrew (2020) Encoding context determines risky choice. Psychological Science . (In Press) Volume Number and Issue Number) pp. xx-xx. Copyright © 2021 (Copyright Holder). Reprinted by permission of SAGE Publications. https://doi.org/10.1177/0956797620977516
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 10 November 2020
Date of first compliant Open Access: 10 November 2020
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
UNSPECIFIEDAlberta Gambling Research Institute, University of Albertahttp://dx.doi.org/10.13039/501100000144
UNSPECIFIEDNatural Sciences and Engineering Research Council of Canadahttp://dx.doi.org/10.13039/501100000038
Early Career FellowshipLeverhulme Trusthttp://dx.doi.org/10.13039/501100000275
Related URLs:
  • Publisher
Open Access Version:
  • PsyArXiv

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