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Related Concept Videos

Reason and Intuition01:37

Reason and Intuition

The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the brain can only use...
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The representative heuristic describes a biased way of thinking, in which you unintentionally stereotype someone or something. For example, you may assume that your professors spend their free time reading books and engaging in intellectual conversation, because the idea of them spending their time playing volleyball or visiting an amusement park does not fit in with your stereotypes of professors.
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The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim  is also stated. These statements can act as null and alternative hypotheses:  a null hypothesis would be a neutral statement while the alternative hypothesis can have a...
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The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Published on: September 19, 2012

Prospect relativity: how choice options influence decision under risk.

Neil Stewart1, Nick Chater, Henry P Stott

  • 1Department of Psychology, University of Warwick, Coventry, England. neil.stewart@warwick.ac.uk

Journal of Experimental Psychology. General
|March 27, 2003
PubMed
Summary
This summary is machine-generated.

Prospects are valued relative to other options, challenging traditional decision-making theories. Experiments show available choices significantly influence judged value and selection, supporting context-dependent valuation models.

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Area of Science:

  • Decision Science
  • Cognitive Psychology
  • Behavioral Economics

Background:

  • Traditional decision-making theories assume prospect utility is independent of choice context.
  • Models like expected utility theory, rank-dependent utility theory, and prospect theory lack context-dependency.
  • Empirical evidence is needed to explore the influence of choice sets on decision-making under risk.

Purpose of the Study:

  • To investigate the impact of available options on the valuation of prospects.
  • To challenge the independence assumption in standard decision-making theories.
  • To identify alternative models that account for context effects in risky choices.

Main Methods:

  • Experimental design presenting participants with various choice sets.
  • Measurement of judged certainty equivalents for individual prospects.
  • Analysis of preferred prospect selection across different choice scenarios.

Main Results:

  • Judged certainty equivalents were significantly influenced by the presence of other options.
  • Prospect selection was demonstrably affected by the composition of the choice set.
  • Context effects in decision-making under risk were consistently observed.

Conclusions:

  • Prospect valuation is relative, not absolute, challenging established decision theories.
  • Context-dependent models, such as stochastic difference and range-frequency theories, better explain observed behaviors.
  • Future research should focus on context-aware models for decision-making under risk.