Related Experiment Video
Updated: Jul 14, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Gambles vs. quasi-realistic scenarios: expectations to find probability and risk-defusing information
1Department of Psychology, University of Fribourg, Route de Faucigny 2, CH-1701 Fribourg, Switzerland. oswald.huber@unifr.ch
Abstract:
The paper investigates predecisional information search in risky decisions, specifically information concerning the probability of a negative outcome and whether a risk-defusing operator (RDO) is available. Experiment 1 (54 participants) tested the hypothesis that search for such information is triggered by expectations that it can be obtained in the situation. Cues for the availability of information were manipulated. It was predicted that cues mentioning possible information sources raise expectations and consequently increase search activity. Furthermore, gambles were expected to differ from other real world contexts, with lower expectations for RDOs and higher ones for probabilities. The Method of Active Information Search was employed. The number of questions asked about probability and RDOs in different conditions confirmed the hypotheses. Experiment 2 (36 participants) ruled out the alternative interpretation that the expectation to actually find favorable probabilities or applicable RDOs respectively, rather than the expectation to obtain information, determined information search.
Related Concept Videos
Hindsight Biases
Framing Effects
Unrealistic Optimism Bias
Bias
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast, controlled...
Expected Value