Related Experiment Video
Updated: May 27, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Academic decision making and prospect theory
Robert R Mowrer1, William B Davidson
1Department of Psychology, Sociology, & Social Work, Angelo State University, San Angelo, TX 76909, USA. robert.mowrer@angelo.edu
Abstract:
Two studies are reported that investigate the applicability of prospect theory to college students' academic decision making. Exp. 1 failed to provide support for the risk-seeking portion of the fourfold pattern predicted by prospect theory but did find the greater weighting of losses over gains. Using a more sensitive dependent measure, in Exp. 2 the results of the first experiment were replicated in terms of the gain-loss effect and also found some support for the fourfold pattern in the interaction between probabilities and gain versus loss. The greatest risk-seeking was found in the high probability loss condition.
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