Feedback Produces Divergence from Prospect Theory in Descriptive Choice
A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial- by-trial feedback in a repeated descriptive paradigm would engender choices more corresp...
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| Published in | Psychological science Vol. 19; no. 10; pp. 1015 - 1022 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Los Angeles, CA
Blackwell Publishing
01.10.2008
SAGE Publications SAGE PUBLICATIONS, INC |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0956-7976 1467-9280 1467-9280 |
| DOI | 10.1111/j.1467-9280.2008.02193.x |
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| Abstract | A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial- by-trial feedback in a repeated descriptive paradigm would engender choices more correspondent with experiential or descriptive paradigms. The results of a repeated gambling task indicated that individuals receiving feedback underweighted small probabilities, relative to their no-feedback counterparts. These results implicate feedback as a critical component during the decision-making process, even in the presence of fully specified descriptive information. A model comparison at the individual-subject level suggested that feedback drove individuals' decision weights toward objective probability weighting. |
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| AbstractList | A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial-by-trial feedback in a repeated descriptive paradigm would engender choices more correspondent with experiential or descriptive paradigms. The results of a repeated gambling task indicated that individuals receiving feedback underweighted small probabilities, relative to their no-feedback counterparts. These results implicate feedback as a critical component during the decision-making process, even in the presence of fully specified descriptive information. A model comparison at the individual-subject level suggested that feedback drove individuals' decision weights toward objective probability weighting. A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial-by-trial feedback in a repeated descriptive paradigm would engender choices more correspondent with experiential or descriptive paradigms. The results of a repeated gambling task indicated that individuals receiving feedback underweighted small probabilities, relative to their no-feedback counterparts. These results implicate feedback as a critical component during the decision-making process, even in the presence of fully specified descriptive information. A model comparison at the individual-subject level suggested that feedback drove individuals' decision weights toward objective probability weighting. Reprinted by permission of Sage Publications A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial-by-trial feedback in a repeated descriptive paradigm would engender choices more correspondent with experiential or descriptive paradigms. The results of a repeated gambling task indicated that individuals receiving feedback underweighted small probabilities, relative to their no-feedback counterparts. These results implicate feedback as a critical component during the decision-making process, even in the presence of fully specified descriptive information. A model comparison at the individual-subject level suggested that feedback drove individuals' decision weights toward objective probability weighting.A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a typical descriptive paradigm. We tested whether trial-by-trial feedback in a repeated descriptive paradigm would engender choices more correspondent with experiential or descriptive paradigms. The results of a repeated gambling task indicated that individuals receiving feedback underweighted small probabilities, relative to their no-feedback counterparts. These results implicate feedback as a critical component during the decision-making process, even in the presence of fully specified descriptive information. A model comparison at the individual-subject level suggested that feedback drove individuals' decision weights toward objective probability weighting. |
| Author | Jessup, Ryan K. Busemeyer, Jerome R. Bishara, Anthony J. |
| Author_xml | – sequence: 1 givenname: Ryan K. surname: Jessup fullname: Jessup, Ryan K. – sequence: 2 givenname: Anthony J. surname: Bishara fullname: Bishara, Anthony J. – sequence: 3 givenname: Jerome R. surname: Busemeyer fullname: Busemeyer, Jerome R. |
| BackLink | https://www.ncbi.nlm.nih.gov/pubmed/19000212$$D View this record in MEDLINE/PubMed |
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| Snippet | A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed in a... |
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| SubjectTerms | Attention Choice Behavior Culture Decision Making Expected utility Experiential learning Experimentation Feedback Feedback, Psychological Frequentism Gambling Gambling - psychology Humans Information feedback Modeling Motivation Observed choices Parametric models Probability Learning Problem-Based Learning Prospect theory Psychology Risk-Taking Term weighting Underweight Weighting |
| Title | Feedback Produces Divergence from Prospect Theory in Descriptive Choice |
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