Lottery attractiveness and presentation mode of probability and value information
The attractiveness of lotteries that vary in p (probability) and o (outcome) depends on the presentation mode of p and o information. Extending previous findings on temporally experienced p, we manipulate the numerically stated versus spatially experienced format of both p (graphical presentation of...
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| Main Authors: | , |
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| Format: | Article (Journal) |
| Language: | English |
| Published: |
2011
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| In: |
Journal of behavioral decision making
Year: 2011, Volume: 24, Issue: 1, Pages: 99-115 |
| ISSN: | 1099-0771 |
| DOI: | 10.1002/bdm.685 |
| Online Access: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1002/bdm.685 Verlag, lizenzpflichtig, Volltext: https://onlinelibrary.wiley.com/doi/abs/10.1002/bdm.685 
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| Author Notes: | Klaus Fiedler and Christian Unkelbach |
| Summary: | The attractiveness of lotteries that vary in p (probability) and o (outcome) depends on the presentation mode of p and o information. Extending previous findings on temporally experienced p, we manipulate the numerically stated versus spatially experienced format of both p (graphical presentation of a distribution of lottery tickets in an urn) and o (distribution of money notes). Lottery attractiveness ratings were sensitive to the expected value (EV), but p received more weight than o at constant EV levels (p-dominance). Both EV sensitivity and p-dominance were enhanced for experienced p and numerical o. This format particularly revealed the unattractiveness of low-p lotteries. Experiencing p was functional in terms of accuracy and high-risk avoidance, but only when the task environments rendered p diagnostic of EV. The presentation mode manipulations did not affect the initial perception stage but the relative weighting of p and o in the final judgment integration stage. Copyright © 2010 John Wiley & Sons, Ltd. |
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| Item Description: | First published: 24 December 2010 Gesehen am 09.05.2022 |
| Physical Description: | Online Resource |
| ISSN: | 1099-0771 |
| DOI: | 10.1002/bdm.685 |