Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/american-psychological-association/component-processes-in-risky-decision-making-Qfn0G75JdX
References (18)
-
L. Thurstone, L. Jones (1957)
The Rational Origin for Measuring Subjective ValuesJournal of the American Statistical Association, 52
-
J. Shanteau (1972)
Descriptive versus normative models of sequential inference judgment.Journal of Experimental Psychology, 93
-
M. Birnbaum (1973)
The devil rides again: Correlation as an index of fit.Psychological Bulletin, 79
-
J. Shanteau, N. Anderson (1969)
Test of a conflict model for preference judgmentJournal of Mathematical Psychology, 6
-
H. Gulliksen (1956)
Measurement of subjective valuesPsychometrika, 21
-
T. Lindvall, L. Svensson (1973)
A quantitative principle of perceived intensity summation in odor mixtures.Journal of experimental psychology, 100 1
-
J. Shanteau (1970)
An additive model for sequential decision making.Journal of Experimental Psychology, 85
-
L. Sjöberg (1968)
STUDIES OF THE RATED FAVORABLENESS OF OFFERS TO GAMBLEScandinavian Journal of Psychology, 9
-
N. Anderson (1970)
Functional measurement and psychophysical judgment.Psychological review, 77 3
-
P. Slovic, S. Lichtenstein (1968)
Relative importance of probabilities and payoffs in risk takingJournal of Experimental Psychology, 78
-
A. Tversky (1967)
Utility theory and additivity analysis of risky choices.Journal of experimental psychology, 75 1
-
J. Shanteau, N. Anderson (1972)
Integration theory applied to judgments of the value of informationJournal of Experimental Psychology, 92
-
D. Krantz, R. Bock, L. Jones (1970)
The measurement and prediction of judgment and choice.American Journal of Psychology, 83
-
S. Lichtenstein, J. Newman (1967)
Empirical scaling of common verbal phrases associated with numerical probabilitiesPsychonomic Science, 9
-
J. Hicks, D. Campbell (1965)
Zero-point scaling as affected by social object, scaling method, and context.Journal of personality and social psychology, 2 6
-
G. Oden, N. Anderson (1971)
Differential weighting in integration theory.Journal of Experimental Psychology, 89
-
Wayne Lee (1971)
Decision theory and human behavior -
W. Edwards (1961)
Behavioral decision theory.Annual review of psychology, 12
- Publisher
- American Psychological Association
- Copyright
- Copyright © 1974 American Psychological Association
- ISSN
- 0096-3445
- eISSN
- 1939-2222
- DOI
- 10.1037/h0037157
- Publisher site
- See Article on Publisher Site
Abstract
Conducted 2 experiments with 12 paid female undergraduates and 26 undergraduates receiving course credit, respectively. The Ss judged the subjective worth of bets defined entirely by verbal phrases such as "somewhat unlikely to win sandals." A theory of information integration predicts that the subjective values of probability and payoff should combine by multiplying. Procedures from functional measurement were applied to test the model and to scale the subjective values of verbal probabilities and payoffs. Data from both experiments support the model. The Ss also judged 2-part bets such as "highly probable to win watch" and "toss-up to win bicycle." The theory predicts that the worths of the 2 parts should combine by adding. In both experiments, however, the judged worth of 2-part bets was less than the sum of the worths of the parts. This subadditivity effect was also found in reanalyses of earlier studies on commodity bundles. This raises serious questions about the traditional additive utility approach to risky decision making. (23 ref)
Journal
Journal of Experimental Psychology: General – American Psychological Association
Published: Oct 1, 1974