Choices, Values, and Frames

Pages: 269 - 278
Published: Jul 1, 2013
Abstract
We discuss the cognitive and the psy- chophysical determinants of choice in risky and risk- less 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. De- cision problems can be described or framed in multiple ways that give rise to different...
Paper Details
Title
Choices, Values, and Frames
Published Date
Jul 1, 2013
Pages
269 - 278
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