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When and why rare events are underweighted: A direct comparison of the sampling, partial feedback, full feedback and description choice paradigms
16 references·16 citing·33 second hopsampled
When and why rare events are underweighted: A direct comparison of the sampling, partial feedback, full feedback and description choice paradigms (2010)When and why rare events are underweighte…Decisions from experience: Why small samples? (2010)Decisions from experience: Wh…The description–experience gap in risky choice (2009)The description–experience ga…Degrees of uncertainty: An overview and framework for future research on experience‐based choice (2009)Degrees of uncertainty: An ov…Decisions from experience and statistical probabilities: Why they trigger different choices than a priori probabilities (2009)Decisions from experience and…Are Probabilities Overweighted or Underweighted When Rare Outcomes Are Experienced (Rarely)? (2009)Are Probabilities Overweighte…A choice prediction competition: Choices from experience and from description (2009)A choice prediction competiti…The description–experience gap in risky choice: the role of sample size and experienced probabilities (2008)The description–experience ga…Feedback Produces Divergence From Prospect Theory in Descriptive Choice (2008)Feedback Produces Divergence …Biased samples not mode of presentation: Re-examining the apparent underweighting of rare events in experience-based choice (2008)Biased samples not mode of pr…“Decisions from experience” = sampling error + prospect theory: Reconsidering Hertwig, Barron, Weber & Erev (2004) (2006)“Decisions from experience” =…Decisions from Experience and the Effect of Rare Events in Risky Choice (2004)Decisions from Experience and…Small feedback‐based decisions and their limited correspondence to description‐based decisions (2003)Small feedback‐based decision…Adaptation as Information Restriction: The Hot Stove Effect (2001)Adaptation as Information Res…Order effects in belief updating: The belief-adjustment model (1992)Order effects in belief updat…Prospect theory: An analysis of decision under risk (1988)Prospect theory: An analysis …Prospect Theory: An Analysis of Decision under Risk (1979)Prospect Theory: An Analysis …People as Intuitive Scientists: Reconsidering Statistical Explanations of Decision Making (2020)People as Intuitive Scientist…Monkeys are curious about counterfactual outcomes (2019)Monkeys are curious about cou…How similarity between choice options affects decisions from experience: The accentuation-of-differences model. (2019)How similarity between choice…The Role of Memory in Distinguishing Risky Decisions from Experience and Description (2016)The Role of Memory in Disting…The reversed description-experience gap: Disentangling sources of presentation format effects in risky choice. (2016)The reversed description-expe…Learning and choosing in an uncertain world: An investigation of the explore–exploit dilemma in static and dynamic environments (2016)Learning and choosing in an u…How (in)variant are subjective representations of described and experienced risk and rewards? (2016)How (in)variant are subjectiv…Rapid makes risky: Time pressure increases risk seeking in decisions from experience (2015)Rapid makes risky: Time press…How short- and long-run aspirations impact search and choice in decisions from experience (2015)How short- and long-run aspir…Decisions from Experience (2015)Decisions from ExperienceOvercoming Ambiguity Aversion Through Experience (2014)Overcoming Ambiguity Aversion…Perceptuo-motor, cognitive, and description-based decision-making seem equally good (2013)Perceptuo-motor, cognitive, a…Mind the gap? Description, experience, and the continuum of uncertainty in risky choice (2013)Mind the gap? Description, ex…Extreme Outcomes Sway Risky Decisions from Experience (2013)Extreme Outcomes Sway Risky D…Processing Differences between Descriptions and Experience: A Comparative Analysis Using Eye-Tracking and Physiological Measures (2012)Processing Differences betwee…Description- and experience-based choice: Does equivalent information equal equivalent choice? (2010)Description- and experience-b…Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research (1975)Behavioral Decision Research: A Constructive Processing Perspective (1992)Support theory: A nonextensional representation of subjective probability. (1994)Learning to Be Overconfident (2001)Advances in prospect theory: Cumulative representation of uncertainty (1992)Instance-based learning: Integrating sampling and repeated decisions from experience. (2011)A meta-analytic review of two modes of learning and the description-experience gap. (2017)What Motivates Effort? Evidence and Expert Forecasts (2017)The Utility Analysis of Choices Involving Risk (1948)The black swan: the impact of the highly improbable (2007)Do people “personally experience” global warming, and if so how, and does it matter? (2012)Toward a second-person neuroscience (2013)Humans use directed and random exploration to solve the explore–exploit dilemma. (2014)Experience-Based and Description-Based Perceptions of Long-Term Risk: Why Global Warming does not Scare us (Yet) (2006)Risk and Rationality in Adolescent Decision Making (2006)The trouble with overconfidence. (2008)Theory of games and economic behavior (2019)Risk, Ambiguity, and the Savage Axioms (1961)Judgment under Uncertainty: Heuristics and Biases (1975)Exploration and Exploitation in Organizational Learning (1991)Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance (2007)Institutionalized Organizations: Formal Structure as Myth and Ceremony (1977)The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields (1983)The economics of strategic opportunity (2003)Behavioral strategy (2011)Diffusion of Innovations 1 (2019)The Framing of Decisions and the Psychology of Choice (1981)Self-Directed Learning (2012)The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite (2012)Unrealistic optimism about future life events: A cautionary note. (2010)The Dynamics of Decision Making in Risky Choice: An Eye-Tracking Analysis (2012)Rationality, foolishness, and adaptive intelligence (2006)Ubiquitous Log Odds: A Common Representation of Probability and Frequency Distortion in Perception, Action, and Cognition (2012)
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References

  • 1979Prospect Theory: An Analysis of Decision under Risk48,459 cited
  • 1988Prospect theory: An analysis of decision under risk32,475 cited
  • 2004Decisions from Experience and the Effect of Rare Events in Risky Choice1,657 cited
  • 1992Order effects in belief updating: The belief-adjustment model1,591 cited
  • 2009The description–experience gap in risky choice916 cited
  • 2003Small feedback‐based decisions and their limited correspondence to description‐based decisions736 cited
  • 2001Adaptation as Information Restriction: The Hot Stove Effect716 cited
  • 2009A choice prediction competition: Choices from experience and from description330 cited
  • 2009Are Probabilities Overweighted or Underweighted When Rare Outcomes Are Experienced (Rarely)?276 cited
  • 2008The description–experience gap in risky choice: the role of sample size and experienced probabilities252 cited
  • 2010Decisions from experience: Why small samples?207 cited
  • 2009Degrees of uncertainty: An overview and framework for future research on experience‐based choice207 cited
  • 2006“Decisions from experience” = sampling error + prospect theory: Reconsidering Hertwig, Barron, Weber & Erev (2004)188 cited
  • 2008Feedback Produces Divergence From Prospect Theory in Descriptive Choice183 cited

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  • 2008Biased samples not mode of presentation: Re-examining the apparent underweighting of rare events in experience-based choice149 cited
  • 2009Decisions from experience and statistical probabilities: Why they trigger different choices than a priori probabilities141 cited
  • Cited by

    • 2013Extreme Outcomes Sway Risky Decisions from Experience102 cited
    • 2016Learning and choosing in an uncertain world: An investigation of the explore–exploit dilemma in static and dynamic environments101 cited
    • 2016The reversed description-experience gap: Disentangling sources of presentation format effects in risky choice.86 cited
    • 2015Decisions from Experience82 cited
    • 2019Monkeys are curious about counterfactual outcomes76 cited
    • 2016How (in)variant are subjective representations of described and experienced risk and rewards?71 cited
    • 2012Processing Differences between Descriptions and Experience: A Comparative Analysis Using Eye-Tracking and Physiological Measures69 cited
    • 2015Rapid makes risky: Time pressure increases risk seeking in decisions from experience66 cited
    • 2013Perceptuo-motor, cognitive, and description-based decision-making seem equally good63 cited
    • 2010Description- and experience-based choice: Does equivalent information equal equivalent choice?60 cited
    • 2016The Role of Memory in Distinguishing Risky Decisions from Experience and Description57 cited
    • 2020People as Intuitive Scientists: Reconsidering Statistical Explanations of Decision Making56 cited
    • 2019How similarity between choice options affects decisions from experience: The accentuation-of-differences model.51 cited
    • 2013Mind the gap? Description, experience, and the continuum of uncertainty in risky choice50 cited
    • 2015How short- and long-run aspirations impact search and choice in decisions from experience48 cited
    • 2014Overcoming Ambiguity Aversion Through Experience44 cited