Feedback produces divergence from prospect theory in descriptive choice

Related Experiment Video

Updated: Jun 28, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
13:04

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

Published on: September 19, 2012

Ryan K Jessup1, Anthony J Bishara, Jerome R Busemeyer

  • 1Department of Psychological and Brain Sciences, Program in Cognitive Science, Indiana University, USA. ryan.jessup@gmail.com

Psychological Science
|November 13, 2008
PubMed

More Related Videos

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

Combining Behavioral Endocrinology and Experimental Economics: Testosterone and Social Decision Making11:51

Combining Behavioral Endocrinology and Experimental Economics: Testosterone and Social Decision Making

Published on: March 2, 2011

Related Concept Videos

Self-Discrepancy Theory02:45

Self-Discrepancy Theory

One influential perspective on what motivates people's behavior is detailed in Tory Higgin's self-discrepancy theory (Higgins, 1987). He proposed that people hold disagreeing internal representations of themselves that lead to different emotional states.
Criticisms of the Evolutionary Perspective01:23

Criticisms of the Evolutionary Perspective

In a study where individuals posing as strangers offered compliments and proposed casual sex to students, the responses differed significantly based on gender. Not a single woman accepted the proposal, while 70% of the men agreed. This outcome provides a useful scenario to explore through the lens of evolutionary psychology and social learning theory, highlighting the diverse perspectives on human sexual behaviors.
Evolutionary psychology provides one explanation for these findings, suggesting...
Motivational Bias01:25

Motivational Bias

Cognitive bias results from limitations in thinking and information processing, leading to systematic errors in judgment. Conversely, motivational bias stems from personal desires or emotions, causing distortions in perception to align with self-interest. Motivational bias influences how individuals perceive and attribute causes to events, often shaped by personal needs, goals, and self-esteem preservation. This bias can distort judgment, leading to inaccurate assessments of success, failure,...
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the $2,000...
Hindsight Biases01:12

Hindsight Biases

Hindsight bias leads you to believe that the event you just experienced was predictable, even though it really wasn’t. In other words, you knew all along that things would turn out the way they did. Can you relate this to the phrase "Hindsight is 20/20" now?
Decision Making: P-value Method01:09

Decision Making: P-value Method

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...