A change-of-process theory for contextual effects and preference reversals in risky decision making

Article Abstract:

The effect of context and response mode on risky decision making is examined through the application of three psychological theories of preference reversals. The expression and contingent weighing theory were found to be inconsistent with the three experiments conducted but the change-of-process theory was consistent with the findings. Results show that the process by which subjects combine data depends on the task, context and individual difference factors. Multiple approaches used may lead to inconsistencies but probabilities appear stable across tasks.

Models, Risk-taking (Psychology), Risk taking

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Test of theories of decision making: violations of branch independence and distribution independence

Article Abstract:

A study of the systematic violations in branch independence and distribution independence of the behavioral properties of choice shows that such violations do not conform to the Expected Utility, Subjective Expected Utility and Subjective Weighted Utility theories, as well as the model developed by Birnbaum and McIntosh. The violations are more consistent in following the cumulative prospect theory, especially when fitted using the S-shaped cumulative weighting function.

Consumer Behavior, Behavior Theory, Selectivity (Psychology)

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Tests of rank-dependent utility and cumulative prospect theory in gambles represented by natural frequencies: Effect of format event framing, and branch splitting

Article Abstract:

The contradictions of cumulative prospect theories of risky decision-making are studied. The effects of probability format, branch splitting and event framing are also studied.

United States, Science & research, Analysis

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