The influence of probability format on elicited certainty equivalents
Noussair,C.N. Vogt,B.
Noussair,C.N.
Vogt,B.
Abstract
We compare six different formats for the presentation of probabilities, in terms of the certainty equivalents that they elicit from human participants, and the probability-weighting parameters that participants' decisions imply. We find substantial differences among formats, including a visual analogue of the ratio bias. The results indicate that experimental results concerning decision making under risk can be greatly affected by the presentation format employed.
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Pagination: 536
Date
2013
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Elsevier
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Citation
Noussair, C N & Vogt, B 2013, The influence of probability format on elicited certainty equivalents. in V S C Pammi & N Srinivasan (eds), Decision Making : Neural and Behavioural Approaches. Progress in Brain Research, no. 202, Elsevier, Amsterdam, pp. 151-171.