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Marcia L. Spetch 《决策行为杂志》2014,27(2):146-156
Whether buying stocks or playing the slots, people making real‐world risky decisions often rely on their experiences with the risks and rewards. These decisions, however, do not occur in isolation but are embedded in a rich context of other decisions, outcomes, and experiences. In this paper, we systematically evaluate how the local context of other rewarding outcomes alters risk preferences. Through a series of four experiments on decisions from experience, we provide evidence for an extreme‐outcome rule, whereby people overweight the most extreme outcomes (highest and lowest) in a given context. As a result, people should be more risk seeking for gains than losses, even with equally likely outcomes. Across the experiments, the decision context was varied so that the same outcomes served as the high extreme, low extreme, or neither. As predicted, people were more risk seeking for relative gains, but only when the risky option potentially led to the high‐extreme outcome. Similarly, people were more risk averse for relative losses, but only when the risky option potentially led to the low‐extreme outcome. We conclude that in risky decisions from experience, the biggest wins and the biggest losses seem to matter more than they should. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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Real‐world decisions often involve options with outcomes that are uncertain and trigger strong affect (e.g., side effects of a drug). Previous work suggests that when choosing among affect‐rich risky prospects, people are rather insensitive to probability information, potentially compromising decision quality. We modeled the strategies of less and more numerate participants in the United States and in Germany when choosing between affect‐rich prospects and between monetarily equivalent affect‐poor prospects. Using large probabilistic national samples (n = 1047 from the United States and Germany), Study 1 showed that compared with more numerate participants, less numerate participants chose the normatively better option (i.e., the one with the higher expected value) less often, guessed more often, and relied more on a simple risk‐minimizing strategy. U.S. participants—although less numerate—selected the normatively better option more frequently and were more consistent across affect‐rich and affect‐poor problems than the German participants. Using a targeted quota sample (n = 118 from Germany), Study 2 indicated that although both more and less numerate participants paid less attention to probability information in affect‐rich than in affect‐poor problems, the two numeracy groups relied on different outcome‐based heuristics: More numerate participants often followed the minimax heuristic, and less numerate participants the affect heuristic. The observed strategy differences suggest that attempts to improve decision‐making need to take into account individual differences in numeracy as well as cultural‐specific experiences in making trade‐offs. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
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Decisions under risk in the medical domain have been found to systematically diverge from decisions in the monetary domain. When making choices between monetary options, people commonly rely on a decision strategy that trades off outcomes with their probabilities; when making choices between medical options, people tend to neglect probability information. In two experimental studies, we tested to what extent differences between medical and monetary decisions also emerge when the decision outcomes affect another person. Using a risky choice paradigm for medical and monetary decisions, we compared hypothetical decisions that participants made for themselves to decisions for a socially distant other (Study 1) and to recommendations as financial advisor or doctor (Study 2). In addition, we examined people's information search in a condition in which information about payoff distributions had to be learned from experiential sampling. Formal modeling and analyses of search behavior revealed a similarly pronounced gap between medical and monetary decisions in decisions for others as in decisions for oneself. Our results suggest that when making medical decisions, people try to avoid the worst outcome while neglecting its probability—even when the outcomes affect others rather than themselves. 相似文献
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Youyu Sheng Mingxin Yu Pengfei Liu Xiaozhuang Wang Xuejun Bai Xinlin Zhou 《PsyCh Journal》2023,12(1):137-149
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In this article, we tested two concepts of decision making: expected utility theory and heuristic choice. In Experiment 1, we applied think‐aloud protocols to investigate violations of expected utility theory. In Experiments 2 to 4, we introduced a new process‐tracing method—called predict‐aloud protocols—that has advantages over previously suggested research methods. Results show the following: (i) people examine information between rather than within gambles; (ii) the priority heuristic emerges as the most frequently used strategy when problems are difficult; and (iii) people check for similarity when problems are easy. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
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Recently, there has been increased interest in decisions‐from‐experience (where decision makers learn from observing the outcomes of previous choices), which provide valuable insights into the learning and preference construction processes underlying many daily decisions. Several process models have been developed to capture these processes, and while such models often fit the data well, many assume that the decision maker is a vigilant observer, processing each outcome. In two studies, we provide a critical test of this assumption using eye tracking to record directed visual attention when participants choose repeatedly among two options, each time being shown the outcome for their chosen option and for the foregone option. Consistently, we find that the vigilance assumption is not supported, with decision makers often not attending to outcome information. Moreover, (in)attention to outcomes is predictable, with vigilance decreasing as more choices are made, and being greater for obtained than for foregone outcomes, and when options deliver only gains as opposed to losses or a mixture of gains and losses. Furthermore, we find that this variation in attentional allocation plays a central role in the apparent indecisiveness (inconsistency) in choice, with increased attention to foregone outcomes predicting switches to that option on the next choice. Together, these findings highlight the value of eye tracking in investigations of decisions‐from‐experience, providing novel insight into the cognitive processes underlying them. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
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In two experiments, we demonstrate that despite indicating indifference when probed about risk or delay in isolation, when forced to explicitly trade‐off between the two, participants prefer delayed over risky rewards. This pattern of findings sets a boundary condition for any common utility‐based comparison process involving both risk and delay. Furthermore, this change from indifference‐in‐isolation to delay‐preference‐in‐a‐trade‐off strengthens as reward amount increases. Exploratory modeling results suggest that the shift in preference can be explained by allowing for different discount rates for delay‐only choices compared with when delay is in competition with risk. This explanation is better than one in which probability weighting is different between risk‐only choices and risks considered in the presence of a delay. Together, the empirical and modeling work lays a path for future investigations of why and when people's evaluation of the properties of risky and delayed choices vary as a function of the alternatives on offer. Copyright © 2017 John Wiley & Sons, Ltd. 相似文献
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H Rachlin 《Journal of the experimental analysis of behavior》2003,79(3):409-412
Standard economic theory says that the rational approach to a decision is to weigh all alternatives on all relevant dimensions and then to select the one with the highest weight. Such a procedure would maximize subjective expected utility. But, because of constraints on time and available information, people and other animals often bypass this process by using “fast and frugal” heuristics to make decisions. Rationality is thus said to be “bounded” by time and information constraints. The articles in this book describe and organize common heuristics. They show that use of such heuristics is generally the best approach to many real world problems and therefore not irrational. Heuristics evolved, they say, not as deviations from rationality but as aids to rationality in cases where the standard model would have proved to be too slow or inefficient. Although the approach of almost all of the authors of these papers is that of cognitive psychology—a focus on internal cognitive mechanisms—their findings and even their theories may be interpreted in terms of reinforcement and punishment acting on behavioral patterns. 相似文献
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New methods were developed for studying risky decision making in children as young as age five. Each child was given a block of ‘gain’ trials, for example, a choice between a sure gain of one prize and a 50:50 chance of gaining either two prizes or no prize, and a block of ‘loss’ trials, for example, a choice between a sure loss of one prize and a 50:50 chance of losing either two prizes or no prize. We were thus able to compare risky choice for gains and losses at the level of the individual child. In each of two experiments a variety of individual difference variables were measured, including in Experiment 2, the child's parent's scores on the same task. Across experiments, the preponderance of choices was of the risky option. However, most children and adults made more risky choices in the domain of losses than in the domain of gains. Predictors of individual differences in children included shyness, impulsivity, and the risk taking of the child's parent. We suggest that methods are now in place to encourage further studies of decision processes in young children. Copyright © 2003 John Wiley & Sons, Ltd. 相似文献
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采用描述−经验冲突范式,考察损益情境下,描述信息与经验不一致对个体风险选择的影响,通过模型拟合探究其内在机制。研究1a和研究1b采用单因素被试间设计,自变量为描述信息与经验不一致程度,因变量为风险选项选择率。结果发现,获益情境中,描述信息与经验不一致程度的主效应不显著;而损失情境中,风险选项选择率受到显著影响。研究2比较决策模型参数发现,获益情境中,描述信息权重参数ξ和选择一致性参数c显著小于损失情境,而近因参数φ显著大于损失情境。这表明,当描述信息与经验不一致时,相对于获益情境,损失情境下个体更大程度地采用描述信息进行决策。研究揭示了损益情境中描述信息与经验不一致影响个体风险选择的机制。 相似文献
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In three studies we addressed the impact of perceived risk and negative affect on risky choice. In Study 1, we tested a model that included both perceived risk and negative affect as predictors of risky choice. Study 2 and Study 3 replicated these findings and examined the impact of affective versus cognitive processing modes. In all the three studies, both perceived risk and negative affect were shown to be significant predictors of risky choice. Furthermore, Study 2 and Study 3 showed that an affective processing mode strengthened the relation between negative affect and risky choice and that a cognitive processing mode strengthened the relation between perceived risk and risky choice. Together, these findings show support for the idea of a dual‐process model of risky choice. Copyright © 2008 John Wiley & Sons, Ltd. 相似文献
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Two methodological variants of Kahneman and Tversky's Asian disease scenario were investigated. One variant involved replacing the “all‐or‐none” outcome scenarios of the risky choice with “most‐or‐some” scenario outcomes, and the second variant involved replacing the negative domain of lives lost with a positive domain of jobs created. In addition, the effects of strength of handedness, a variable related to individual differences in risk perception, were examined. Results indicated that standard framing effects were obtained across both domains, with a decrease in risky choice under the gain domain. Scenario type also interacted with handedness, such that the all‐or‐none scenario yielded framing effects for consistent (strong)‐handers only, whereas the most‐or‐some scenario yielded framing effects for inconsistent (mixed)‐handers only (consistent‐handers are those who use the same hand exclusively for almost all activities). These results demonstrate that framing effects are strongly influenced by the presence versus absence of extreme/absolute outcomes and that individuals (in this case, decision makers with varying degrees of handedness strength) are differentially sensitive to different pieces of information. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献