Relative theory of choice: preference change for risky choices

Conference paper

Kusev, P., Johansson, P., van Schaik, P., Ayton, P. and Chater, N. (2011). Relative theory of choice: preference change for risky choices. 23rd Bi-Annual Conference on Subjective Probability, Utility and Decision Making. Kingston, United Kingdom 21 - 25 Aug 2011
AuthorsKusev, P., Johansson, P., van Schaik, P., Ayton, P. and Chater, N.
TypeConference paper
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.

Year2011
Web address (URL)http://eadm.eu/wp-content/uploads/2014/10/SPUDM_23_2011.pdf
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Print21 Aug 2011
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Accepted10 Jul 2011
Deposited02 Nov 2022
Web address (URL) of conference proceedingshttp://eadm.eu/wp-content/uploads/2014/10/SPUDM_23_2011.pdf
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