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Updated: May 9, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Generated outcomes in risky choice reveal biased sampling and sequential dependencies
Jake Spicer1, Yun-Xiao Li2, Lucas Castillo2
1Department of Psychology, University of Warwick, Coventry, UK. jake.spicer@warwick.ac.uk.
Abstract:
Recent decision-making models have explained behaviour using mental sampling mechanisms, but there is still little agreement on the specific sampling process, such as whether sampling rates match true probabilities. Here, we seek to trace the sampling process using generation tasks: in two experiments using general online samples (Ns = 52, 51), participants repeatedly produced potential outcomes from pairs of monetary gambles before choosing between them. Results found over-generation of rarer outcomes and under-generation of common outcomes overall, but not in initial responses, as well as avoidance of direct repetitions. Participants also tended to select options with higher average utility across their responses, implying generations guided choice. These findings suggest systematic biases in the information people may consider before a choice, and the influence that this can have on subsequent decisions, carrying implications for mental sampling models of this behaviour. We thus suggest explicit generation is a valuable method to access underlying choice processes, offering new assessments of existing theories of decision making.
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