Accession Number : AD0713215

Title :   REVERSALS OF PREFERENCE BETWEEN BIDS AND CHOICES IN GAMBLING DECISIONS,

Corporate Author : OREGON RESEARCH INST EUGENE

Personal Author(s) : Lichtenstein,Sarah ; Slovic,Paul

Report Date : OCT 1970

Pagination or Media Count : 31

Abstract : Subjects in 3 experiments chose their preferred bet from pairs of bets, and later bid for each bet separately. In each pair, one bet had a higher probability of winning (P bet); the other offered more to win (S bet). Bidding method (selling vs. buying) and payoff method (real-play vs. hourly wage) were varied. Results showed that when the P bet was chosen, the $ bet often received a higher bid. These inconsistencies are incompatible with risky decision models, but can be understood via information-processing considerations. (Author)

Descriptors :   (*DECISION MAKING, GAME THEORY), (*REACTION(PSYCHOLOGY), MATHEMATICAL MODELS), (*PERFORMANCE(HUMAN), PROBABILITY), UNCERTAINTY, BEHAVIOR, RELIABILITY, PSYCHOLOGICAL TESTS

Subject Categories : Psychology

Distribution Statement : APPROVED FOR PUBLIC RELEASE