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Related Experiment Videos

Decision by sampling.

Neil Stewart1, Nick Chater, Gordon D A Brown

  • 1Department of Psychology, University of Warwick, Coventry CV4 7AL, UK. neil.stewart@warwick.ac.uk

Cognitive Psychology
|January 28, 2006
PubMed
Summary
This summary is machine-generated.

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Decision by sampling (DbS) theory proposes subjective value arises from comparing attribute values to a memory sample, not fixed scales. This model explains various decision-making phenomena, including risk perception and time discounting.

Area of Science:

  • Decision Science
  • Cognitive Psychology
  • Behavioral Economics

Background:

  • Traditional decision models rely on psychoeconomic scales.
  • These scales struggle to explain observed decision-making biases.

Purpose of the Study:

  • Introduce a novel theory of decision making: decision by sampling (DbS).
  • Provide an alternative framework to traditional psychoeconomic models.

Main Methods:

  • Subjective value is constructed via binary, ordinal comparisons to sampled attribute values from memory.
  • The sample integrates immediate contextual and background real-world distributions.

Main Results:

  • DbS accounts for concave utility functions (diminishing sensitivity to gains).

Related Experiment Videos

  • Explains loss aversion (losses loom larger than gains).
  • Models hyperbolic temporal discounting and probability distortions (over/underestimation).

    • Conclusions:

    • Decision by sampling offers a unified explanation for diverse decision-making behaviors.
    • DbS provides a robust alternative to traditional utility-based models.