Feedback Produces Divergence From Prospect Theory in Descriptive Choice

• DOI: 10.1111/j.1467-9280.2008.02193.x
• Publication Date: 2008-11-04T21:15:18Z
• Authors: Ryan K. Jessup; Anthony J. Bishara; Jerome R. Busemeyer
• Keywords: Descriptive research; Divergence (linguistics)

A recent study demonstrated that individuals making experience-based choices underweight small probabilities, in contrast to the overweighting observed a typical descriptive paradigm. We tested whether trial-by-trial feedback repeated paradigm would engender more correspondent with experiential or paradigms. The results of gambling task indicated receiving underweighted relative their no-feedback counterparts. These implicate as critical component during decision-making process, even presence fully specified information. model comparison at individual-subject level suggested drove individuals' decision weights toward objective probability weighting.