Related Experiment Video

Updated: May 5, 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

11.6K

An expected utility maximizer walks into a bar…

Daniel R Burghart1, Paul W Glimcher, Stephanie C Lazzaro

  • 1Department of Economics, University of Zürich, Blümlisalpstrasse 10, 8006 Zürich, Switzerland.

Journal of Risk and Uncertainty
|November 19, 2013
PubMed

Keywords:
AlcoholExpected utility theoryField experimentRationalityRisk aversion

More Related Videos

The Motivation for Alcohol Reward: Predictors of Progressive-Ratio Intravenous Alcohol Self-Administration in Humans05:40

The Motivation for Alcohol Reward: Predictors of Progressive-Ratio Intravenous Alcohol Self-Administration in Humans

Published on: April 28, 2022

3.2K
Using a Virtual Store As a Research Tool to Investigate Consumer In-store Behavior09:17

Using a Virtual Store As a Research Tool to Investigate Consumer In-store Behavior

Published on: July 24, 2017

11.0K

Related Concept Videos

Expected Value01:15

Expected Value

The expected value is known as the "long-term" average or mean. This means that over the long term of experimenting over and over, you would expect this average. The expected average is represented by the symbol μ. It is calculated as follows:In the equation, x is an event, and P(x) is the probability of the event occurring.The expected value has practical applications in decision theory.This text is adapted from Openstax, Introductory Statistics, Section 4.2 Mean or Expected Value and...
7.0K
The Representativeness Heuristic02:13

The Representativeness Heuristic

The representative heuristic describes a biased way of thinking, in which you unintentionally stereotype someone or something. For example, you may assume that your professors spend their free time reading books and engaging in intellectual conversation, because the idea of them spending their time playing volleyball or visiting an amusement park does not fit in with your stereotypes of professors.
15.5K
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):
6.1K
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...
5.8K
Applications of Integration to Find Consumer Surplus01:29

Applications of Integration to Find Consumer Surplus

In microeconomics, consumer surplus represents the economic gain that consumers experience when they purchase a good or service for less than the highest price they are willing to pay. This surplus arises from the characteristics of the demand function, which links the quantity of a good to the price consumers are willing to pay. As the quantity of a good increases, the price that consumers are willing to pay for each additional unit typically decreases, resulting in a downward-sloping demand...
168
Optimal Foraging00:48

Optimal Foraging

How animals obtain and eat their food is called foraging behavior. Foraging can include searching for plants and hunting for prey and depends on the species and environment.
11.9K