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Related Concept Videos

Decision Making01:20

Decision Making

Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...
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...
Reason and Intuition01:37

Reason and Intuition

The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the brain can only use...
Decision Making: Traditional Method01:14

Decision Making: Traditional Method

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...
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):
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the $2,000...

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Updated: May 16, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task
07:47

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Sequential information preferences in uncertain decision making.

Uma R Karmarkar1, John A Clithero2, Carolina Raffaelli1

  • 1Rady School of Management, University of California, San Diego.

Journal of Experimental Psychology. General
|May 14, 2026
PubMed
Summary
This summary is machine-generated.

Most people prefer to assess risks before rewards when making financial decisions. This risk-first approach, linked to economic ambiguity sensitivity, influences choices and outcomes.

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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods

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Last Updated: May 16, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task
07:47

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Published on: January 9, 2016

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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

Area of Science:

  • Cognitive Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Decisions are often dynamic, involving sequential information processing.
  • The order of considering risks versus rewards impacts financial prospect valuation.

Purpose of the Study:

  • To investigate people's preferred order of learning about risks and rewards.
  • To determine factors influencing this information-seeking preference.
  • To assess the predictive utility of self-selected information sequences.

Main Methods:

  • Conducted 11 preregistered experiments with 6,709 adult participants.
  • Collected data from both in-person and online participant pools.
  • Analyzed preferences for considering risks before rewards.

Main Results:

  • A majority of participants preferred to consider risks before rewards.
  • This preference correlated with sensitivity to economic ambiguity.
  • Preference was not linked to a general need for structure.
  • Self-selected information sequences predicted information-seeking behavior.
  • Self-selected sequences also predicted downstream choice processes and outcomes.

Conclusions:

  • People exhibit a consistent preference for a risk-first information-seeking strategy.
  • This strategy is associated with individual differences in ambiguity tolerance.
  • Understanding information-seeking order is crucial for predicting decision-making behavior.