Articlebronze2009

Developmental insights into experience‐based decision making

48 citations0/0 files storedJournal of Behavioral Decision Making

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Decision-Making and Behavioral Economics Neural and Behavioral Psychology Studies Experimental Behavioral Economics Studies

Abstract

Abstract In three experiments involving children and adults (N = 324), option payoffs for sure versus risky choices were either described or experienced via observation of 20 outcomes. Choices revealed a description‐experience gap for payoffs with rare events, implying greater impact of small probabilities (≤.2) for described than for experienced choices. The size of this effect was independent of participant age. Therefore, the role of cognitive limitations in the description‐experience distinction remains unclear, as the age groups would have differed in cognitive capacity. Age‐related differences in ‘sampling style’ in decisions from experience were observed. Pre‐choice data acquisition changed markedly with age: From frequent alternation between options towards separate systematic exploration of options with increasing age. A fourth experiment, that manipulated sampling style, failed to demonstrate its link to other age‐related features of choice (e.g. risk preferences). Our studies illustrate the value of developmental research for testing theoretical claims and revealing novel phenomena in decision research. Copyright © 2009 John Wiley & Sons, Ltd.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1992Advances in prospect theory: Cumulative representation of uncertainty 1998The Probability Weighting Function 1993Decision field theory: A dynamic-cognitive approach to decision making in an uncertain environment.2004Decisions from Experience and the Effect of Rare Events in Risky Choice 1992Order effects in belief updating: The belief-adjustment model 2006Risk and Rationality in Adolescent Decision Making

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2009Doomed to repeat the successes of the past: History is best forgotten for repeated choices with nonstationary payoffs 2017The influences of described and experienced information on adolescent risky decision making 2021A description–experience gap in statistical intuitions: Of smart babies, risk-savvy chimps, intuitive statisticians, and stupid grown-ups 2021Resolving ambiguity: Broadening the consideration of risky decision making over adolescent development 2015Children do not exhibit ambiguity aversion despite intact familiarity bias

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