Choices, Values, and Frames
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Abstract
We discuss the cognitive and the psychophysical determinants of choice in risky and riskless contexts. The psychophysics of value induce risk aversion in the domain of gains and risk seeking in the domain of losses. The psychophysics of chance induce overweighting of sure things and of improbable events, relative to events of moderate probability. Decision problems can be described or framed in multiple ways that give rise to different preferences, contrary to the invariance criterion of rational choice. The process of mental accounting, in which people organize the outcomes of transactions, explains some anomalies of consumer behavior. In particular, the acceptability of an option can depend on whether a negative outcome is evaluated as a cost or as an uncompensated loss. The relation between decision values and experience values is discussed…
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The record
- Venue
- World Scientific handbook in financial economic series
- Topic
- Decision-Making and Behavioral Economics
- Field
- Decision Sciences
- Canadian institutions
- University of British Columbia
- Funders
- —
- Keywords
- Psychology
- Has abstract in OpenAlex
- yes