Modeling choice and valuation in decision experiments

  • Loomes G
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Abstract

This article develops a parsimonious descriptive model of individual choice and valuation in the kinds of experiments that constitute a substantial part of the literature relating to decision making under risk and uncertainty. It suggests that many of the best known "regularities" observed in those experiments may arise from a tendency for participants to perceive probabilities and payoffs in a particular way. This model organizes more of the data than any other extant model and generates a number of novel testable implications which are examined with new data.

Author-supplied keywords

  • Decision anomalies
  • Intransitivity
  • Relative judgment
  • Similarity

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Authors

  • Graham Loomes

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