Relative theory of choice: preference change for risky choices

Petko Kusev; P Johansson; P van Schaik; P Ayton; N Chater

Relative theory of choice: preference change for risky choices

Petko Kusev, P Johansson, P van Schaik, P Ayton, N Chater

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Abstract

In one experiment we studied the extent to which theories of judgment, decision-making and memory can predict people's preferences. Applying Prospect Theory and Support Theory to these data we find that (a) the weighting function required to model decisions with 'high-accessible' features in memory exhibits different properties to those required to model choices between monetary gambles and (b) the accessibility (Fox & Levav, 2000; Kahneman, 2003; Koriat, 2001) of events in memory affects choices between options, influencing participants' decision weights, but not their judgments of these options.

Original language	English
Publication status	Published - 21 Aug 2011
Event	23rd Bi-Annual Conference on Subjective Probability, Utility and Decision Making - Duration: 21 Aug 2011 → …

Conference

Conference	23rd Bi-Annual Conference on Subjective Probability, Utility and Decision Making
Period	21/08/11 → …

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Kusev_Johansson_van Schaik_Ayton_Chater_2011Accepted author manuscript, 41.1 KBLicence: CC BY 4.0
Kusev Johansson van Schaik Ayton Chater 2011

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AU - Kusev, Petko

AU - Johansson, P

AU - van Schaik, P

AU - Ayton, P

AU - Chater, N

PY - 2011/8/21

Y1 - 2011/8/21

N2 - In one experiment we studied the extent to which theories of judgment, decision-making and memory can predict people's preferences. Applying Prospect Theory and Support Theory to these data we find that (a) the weighting function required to model decisions with 'high-accessible' features in memory exhibits different properties to those required to model choices between monetary gambles and (b) the accessibility (Fox & Levav, 2000; Kahneman, 2003; Koriat, 2001) of events in memory affects choices between options, influencing participants' decision weights, but not their judgments of these options.

AB - In one experiment we studied the extent to which theories of judgment, decision-making and memory can predict people's preferences. Applying Prospect Theory and Support Theory to these data we find that (a) the weighting function required to model decisions with 'high-accessible' features in memory exhibits different properties to those required to model choices between monetary gambles and (b) the accessibility (Fox & Levav, 2000; Kahneman, 2003; Koriat, 2001) of events in memory affects choices between options, influencing participants' decision weights, but not their judgments of these options.

UR - http://eadm.eu/wp-content/uploads/2014/10/SPUDM_23_2011.pdf

M3 - Paper

T2 - 23rd Bi-Annual Conference on Subjective Probability, Utility and Decision Making

Y2 - 21 August 2011

ER -

Relative theory of choice: preference change for risky choices

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