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Updated: May 6, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Risky choice: An examination of information acquisition behavior
1Graduate School of Business Administration, Duke University, 27706, Durham, North Carolina.
Abstract:
The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered.
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