Relative importance of probabilities and payoffs in risk taking.
Material type:
TextLanguage: ENG Publication details: NOV 1968Description: 18p., 2 figs, 8 tabs, 50 refsSubject: Concerned with understanding how people make decisions about gambles when the relevant probabilities and payoffs are explicitly stated. It is proposed that decisions may be determined by a person's beliefs about the relative importance of probabilities and payoffs and by linmitations on his ability to act on the basis of these beliefs when processeing the information that describes a gamble. An explanation based on this information-processing orientation is offered as an alternative to present notions about probability and variance preferences. Finally, two experiments are reported to indicate the usefulness of considering gambling decisions within the context of information processing.
| Item type | Current library | Collection | Call number | Status | Date due | Barcode | |
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Books
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Australian Emergency Management Library | BOOK | 302.12 SLO (Browse shelf(Opens below)) | Available | 005275814 |
Reprinted from Journal of Experimental Psychology Monograph, Vol. 78, No. 3, Part 2, November 1968, pp1-18
Reprint
Concerned with understanding how people make decisions about gambles when the relevant probabilities and payoffs are explicitly stated. It is proposed that decisions may be determined by a person's beliefs about the relative importance of probabilities and payoffs and by linmitations on his ability to act on the basis of these beliefs when processeing the information that describes a gamble. An explanation based on this information-processing orientation is offered as an alternative to present notions about probability and variance preferences. Finally, two experiments are reported to indicate the usefulness of considering gambling decisions within the context of information processing.
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