By John W. Payne (auth.), George Wright (eds.)
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Additional info for Behavioral Decision Making
N. , & Shanteau, J. C. (1970). Information integration in risky decision making. Journal of Experimental Psychology. 84. 441-451. Arrow. K. J. (1951). Alternative approaches to the theory of choice in risk-taking situations. Econometrica. 19. 404-437. Aschenbrenner, K. M. (1978). Single-peaked risk preferences and their dependability on the gambles' presentation mode. Journal of Experimemal Psychology: Human Perception and Pe/formance. 4. 513-520. Beach, L. R. (1983). Muddling through: A response to Yates and Goldstein.
These data confirm in a within-subject design the analysis of conditional evaluation proposed in the text. More than 75 % of respondents made compatible choices (AC or BO) in Problems 5 and 6, and less than half made compatible choices in Problems 6 and 7 (CE or OF) or 5 and 7 (AE or BF). The elimination of payoffs in these questions reduced risk aversion but did not substantially alter the effects of certainty and pseudocertainty. We have observed the certainty effect in several sets of problems, with outcomes ranging from vacation trips to the loss of human lives.
The minimal account associated with the decision to accept a gamble, for example, includes the money won or lost in that gamble and excludes other assets or the outcome of previous gambles. People commonly adopt minimal accounts because this mode of framing simplifies evaluation and reduces cognitive strain, reflects the intuition that consequences should be causally linked to acts, and matches the properties of hedonic experience, which is more sensitive to desirable and undesirable changes than to steady states.