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Adaptive information search and decision making over single and repeated plays

Wulff, Dirk U. and Hills, Thomas T. and Hertwig, Ralph. (2012) Adaptive information search and decision making over single and repeated plays. In: Annual Conference of the Cognitive Science Society, 34. pp. 1167-1172.

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Official URL: http://edoc.unibas.ch/51909/

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Abstract

For over 50 years expected value and expected utility theory has been challenged by behavioral findings in repeated and single plays of risky gambles. The inherent long-term nature of these models has been found to be at odds with preferences indicating short-term maximization in single play situations. With the present study we provide further evidence on the distinction between long-term and short-term oriented behavior. Evaluating experiencedbased decisions over repeated and single play situations we demonstrate that both choice preferences and search behavior change in response to long and short-term framing. This suggests different cognitive approaches for single and repeated play situations, with single decisions often favoring risk-aversion and therefore the underweighting of rare events. These findings are in line with alternative models of risky choice as for example proposed by Lopes (1996) and also the literature on statedependent foraging.
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Forschungsbereich Sozial-, Wirtschafts- und Entscheidungspsychologie > Cognitive and Decision Sciences (Mata)
UniBasel Contributors:Wulff, Dirk U
Item Type:Conference or Workshop Item, refereed
Conference or workshop item Subtype:Conference Paper
Publisher:Austin, TX: Cognitive Science Society
ISSN:1069-7977
Note:Publication type according to Uni Basel Research Database: Conference paper
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Last Modified:10 Jun 2020 12:48
Deposited On:10 Jun 2020 12:48

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