Related Experiment Video

Updated: May 17, 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

Probability matching in risky choice: the interplay of feedback and strategy availability

Ben R Newell1, Derek J Koehler, Greta James

  • 1School of Psychology, University of New South Wales, Sydney, 2052, Australia. ben.newell@unsw.edu.au

Memory & Cognition
|November 9, 2012
PubMed

Related Concept Videos

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?
The Availability Heuristic01:08

The Availability Heuristic

A heuristic is a general problem-solving framework (Tversky & Kahneman, 1974). You can think of these as mental shortcuts that are used to solve problems. Different types of heuristics are used in different types of situations, and the impulse to use a heuristic occurs when one of five conditions is met (Pratkanis, 1989):
Bias01:22

Bias

Bias refers to any tendency that prevents a question from being considered unprejudiced. In research, bias occurs when one outcome or answer is selected or encouraged over others in sampling or testing. Bias can occur during any research phase, including study design, data collection, analysis, and publication.
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...
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...
Theory of Attribution II: Kelley's Covariation Theory01:29

Theory of Attribution II: Kelley's Covariation Theory

Attribution theory plays a crucial role in social psychology, helping to explain how individuals interpret the causes of behavior. One prominent model within this field is Harold Kelley's covariation theory, which provides a systematic approach to determining whether internal traits or external circumstances drive a person's actions. The model posits that individuals rely on three key types of information—consensus, consistency, and distinctiveness—to make these judgments.Consensus: Comparing...
Strategies of Self-Presentation II: Self-Verification01:17

Strategies of Self-Presentation II: Self-Verification

Self-verification is a fundamental psychological drive wherein individuals seek affirmation of their self-concept from others, striving for consistency between their internal self-view and external perceptions. This drive operates even when the self-concept is negative, influencing interpersonal behavior and feedback preferences in complex and often counterintuitive ways. Unlike the self-enhancement motive, which seeks positive evaluations, self-verification prioritizes coherence and...