Relative importance of probabilities and payoffs in risk taking.

By:

Slovic, Paul, 1938-

Contributor(s):

Lichtenstein, Sarah

Material type: Text

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.

Tags from this library: No tags from this library for this title. Log in to add tags.

Average rating: 0.0 (0 votes)

Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode
Books	Australian Emergency Management Library	BOOK	302.12 SLO (Browse shelf(Opens below))	Available		005275814

Browsing Australian Emergency Management Library shelves, Collection: BOOK Close shelf browser (Hides shelf browser)

Previous	No cover image available No cover image available	No cover image available No cover image available	No cover image available No cover image available	No cover image available No cover image available	No cover image available No cover image available	No cover image available No cover image available	No cover image available No cover image available	Next
Previous	302.12 ROC Coping with "natural" hazards as stressors : the predictors of activism in a flood disaster.	302.12 SHO Social dimensions of risk: the need for a sociological paradigm and policy research.	302.12 SHO Hazards, risks, and enterprise: approaches to science, law and social policy.	302.12 SLO Relative importance of probabilities and payoffs in risk taking.	302.12 SLO Informing and educating the public about risk.	302.12 SLO Why study risk perception.	302.12 SLO Perception of risk.	Next

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.

There are no comments on this title.

to post a comment.