Decision biases in intertemporal choice and choice under uncertainty: Testing a common account

被引:0
作者
Gretchen B. Chapman
Bethany J. Weber
机构
[1] Rutgers University,Psychology Department
[2] Duke University Medical Center,Brain Imaging Analysis Center
来源
Memory & Cognition | 2006年 / 34卷
关键词
Time Preference; Risk Preference; Magnitude Effect; Certainty Equivalent; Psychophysical Function;
D O I
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中图分类号
学科分类号
摘要
Two experiments were performed to test a psychophysical account of parallels between biases in risky choice and intertemporal choice. Experiment 1 demonstrated the common difference effect in intertemporal choice and the common ratio effect in risky choice. As was predicted, these two biases were uncorrelated with each other, although each was correlated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of two different dimensions (time and probability, respectively). Experiment 2 examined the magnitude effect in intertemporal choice and the peanuts effect in risky choice. These two biases were correlated with each other but were uncorrelated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of the same dimension (utility of money or health).
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页码:589 / 602
页数:13
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