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Related Concept Videos

Framing Effects03:26

Framing Effects

Information is everywhere and its presentation—such as how and when items are presented—can impact our perceptions and decisions surrounding the info. This broad concept umbrellas framing effects—influences that occur due to the way information is framed in its appearance, whether it’s purely the order or the specific wording of a message. Let’s take a look at numerous ways in which two versions of something can objectively say the same thing, yet we respond in different ways based on the...
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Cognitive Dissonance01:38

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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?
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Related Experiment Video

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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

The description-experience gap in risky choice.

Ralph Hertwig1, Ido Erev

  • 1University of Basel, Department of Psychology, Missionsstrasse 60/62, CH-4055 Basel, Switzerland. Ralph.Hertwig@unibas.ch

Trends in Cognitive Sciences
|October 20, 2009
PubMed
Summary
This summary is machine-generated.

Behavioral decision research suggests rare events influence choices, but experience-based decisions show rare events have less impact than expected. This challenges prior findings on overestimation and overweighting in decision-making.

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Area of Science:

  • Behavioral Decision Research
  • Cognitive Psychology
  • Risk Analysis

Background:

  • Commonly, overestimation and overweighting amplify rare event impact on choices.
  • Prior research often used descriptive learning, not experiential sampling.

Purpose of the Study:

  • To review experiential paradigms in risky choice research.
  • To investigate how experience influences the impact of rare events on decisions.

Main Methods:

  • Review of three experiential sampling paradigms.
  • Analysis of decision-making based on direct experience versus descriptions.

Main Results:

  • Experience-based decisions show rare events have less impact than predicted by objective probabilities.
  • Findings converge across different experiential paradigms.

Conclusions:

  • Experiential learning diminishes the impact of rare events compared to descriptive learning.
  • Similarities exist between human and animal experience-based choices, impacting risk behavior.