Jove
Visualize
Contact Us
JoVE
x logofacebook logolinkedin logoyoutube logo
ABOUT JoVE
OverviewLeadershipBlogJoVE Help Center
AUTHORS
Publishing ProcessEditorial BoardScope & PoliciesPeer ReviewFAQSubmit
LIBRARIANS
TestimonialsSubscriptionsAccessResourcesLibrary Advisory BoardFAQ
RESEARCH
JoVE JournalMethods CollectionsJoVE Encyclopedia of ExperimentsArchive
EDUCATION
JoVE CoreJoVE BusinessJoVE Science EducationJoVE Lab ManualFaculty Resource CenterFaculty Site
Terms & Conditions of Use
Privacy Policy
Policies

Related Concept Videos

Types of Skewness01:09

Types of Skewness

11.6K
If the frequency distribution of a data set is more inclined towards smaller or larger values, the distribution is said to be skewed. If data values are skewed to the right, then the distribution is called positively skewed. Conversely, if the plot is skewed to the left, the distribution is called negatively skewed.
For instance, in the middle of a pandemic, the geographical distribution of vaccine coverage may be positively skewed towards populations in the global north countries. However,...
11.6K
Skewness01:06

Skewness

11.0K
The measures of central tendency calculated from a data set may not reveal much about its intrinsic distribution. If a plot is made of the data set’s values, the mean and the median may not only differ, but also the plot may have more values on one side of the central tendencies. Such a data set is said to be skewed towards that side.
The longer the tail of the plot on one side, the more skewed it is. The skewness of a data set’s values suggests that the measures of central tendency...
11.0K
Hindsight Biases01:12

Hindsight Biases

3.4K
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? 
3.4K
Decision Making: Traditional Method01:14

Decision Making: Traditional Method

4.0K
The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
4.0K
Bias01:22

Bias

4.2K
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...
4.2K
Decision Making: P-value Method01:09

Decision Making: P-value Method

5.3K
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...
5.3K

You might also read

Related Articles

Articles linked to this work by shared authors, journal, and citation graph.

Sort by
Same author

Reply to Vanunu and Newell: The frequent-winner effect is necessary to explain experience-based decisions.

Proceedings of the National Academy of Sciences of the United States of America·2025
Same author

Predecisional information search adaptively reduces three types of uncertainty.

Proceedings of the National Academy of Sciences of the United States of America·2024
Same author

Correction to "Evaluating categories from experience: The simple averaging heuristic" by Woiczyk and Le Mens (2021).

Journal of personality and social psychology·2024
Same author

Absolute and relative stability of loss aversion across contexts.

Journal of experimental psychology. General·2023
Same author

Uncovering the semantics of concepts using GPT-4.

Proceedings of the National Academy of Sciences of the United States of America·2023
Same author

Social media feedback and extreme opinion expression.

PloS one·2023

Related Experiment Video

Updated: Jun 30, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

711

Frequent winners explain apparent skewness preferences in experience-based decisions.

Sebastian Olschewski1,2, Mikhail S Spektor3,4, Gaël Le Mens4,5,6

  • 1Department of Psychology, University of Basel, 4055 Basel, Switzerland.

Proceedings of the National Academy of Sciences of the United States of America
|March 15, 2024
PubMed
Summary

People’s choices depend on outcome distribution symmetry. A “frequent-winner effect” explains apparent preferences for left-skewed options in experience-based decisions, reconciling financial market and experimental findings.

Keywords:
decisions from experiencefinancial decision-makinghigher-order risk preferencesreinforcement learningskewness

More Related Videos

Errors as a Means of Reducing Impulsive Food Choice
07:07

Errors as a Means of Reducing Impulsive Food Choice

Published on: June 5, 2016

8.6K
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

12.1K

Related Experiment Videos

Last Updated: Jun 30, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

711
Errors as a Means of Reducing Impulsive Food Choice
07:07

Errors as a Means of Reducing Impulsive Food Choice

Published on: June 5, 2016

8.6K
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

12.1K

Area of Science:

  • Decision-making science
  • Behavioral economics
  • Cognitive psychology

Background:

  • Financial investors prefer right-skewed returns (frequent small gains, rare large losses).
  • Experience-based decision-making experiments often show preferences for left-skewed outcomes.
  • Existing models struggle to reconcile these conflicting observations.

Purpose of the Study:

  • Investigate the effect of outcome distribution skewness on choices in experience-based decisions.
  • Reconcile conflicting findings between financial markets and experimental decision-making.
  • Identify the mechanisms driving preferences for skewed distributions.

Main Methods:

  • Conducted seven studies manipulating outcome distributions and identifying the "frequent-winner effect."
  • Used computational analyses with a reinforcement-learning model.
  • Varied outcome distributions and experimental paradigms to test robustness.

Main Results:

  • Apparent preference for left-skewed distributions stems from a "frequent-winner effect" where more frequent outcomes are favored.
  • Choice tendencies can be manipulated by altering which option is the frequent winner, even with identical distributions.
  • Evidence for an intrinsic preference for right-skewed distributions was also found.

Conclusions:

  • The "frequent-winner effect" explains preferences in experience-based decisions, resolving discrepancies with financial market behavior.
  • Decision-making theories must account for how joint outcome distributions influence choices.
  • Understanding skewness preferences is crucial for accurate models of economic and financial decision-making.