Is Making a Risky Choice Based on a Weighting and Adding Process? An Eye-Tracking Investigation
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| Title: | Is Making a Risky Choice Based on a Weighting and Adding Process? An Eye-Tracking Investigation |
|---|---|
| Language: | English |
| Authors: | Su, Yin, Rao, Li-Lin, Sun, Hong-Yue, Du, Xue-Lei, Li, Xingshan, Li, Shu |
| Source: | Journal of Experimental Psychology: Learning, Memory, and Cognition. Nov 2013 39(6):1765-1780. |
| Availability: | American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org |
| Peer Reviewed: | Y |
| Page Count: | 16 |
| Publication Date: | 2013 |
| Document Type: | Journal Articles Reports - Research |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | Eye Movements, Risk, Decision Making, Task Analysis, Comparative Analysis, Heuristics, Prediction, Models, College Students, Hypothesis Testing, Foreign Countries, Probability, Symbols (Mathematics), Games, Reaction Time, Cognitive Processes |
| Geographic Terms: | China |
| DOI: | 10.1037/a0032861 |
| ISSN: | 0278-7393 |
| Abstract: | The debate about whether making a risky choice is based on a weighting and adding process has a long history and is still unresolved. To address this long-standing controversy, we developed a comparative paradigm. Participants' eye movements in 2 risky choice tasks that required participants to choose between risky options in single-play and multiple-play conditions were separately compared with those in a baseline task in which participants naturally performed a deliberate calculation following a weighting and adding process. The results showed that, when participants performed the multiple-play risky choice task, their eye movements were similar to those in the baseline task, suggesting that participants may use a weighting and adding process to make risky choices in multiple-play conditions. In contrast, participants' eye movements were different in the single-play risky choice task versus the baseline task, suggesting that participants were not likely to use a weighting and adding process to make risky choices in single-play conditions and were more likely to use a heuristic process. We concluded that an expectation-based index for predicting risk preferences is applicable in multiple-play conditions but not in single-play conditions, implying the need to improve current theories that postulate the use of a heuristic process. |
| Abstractor: | As Provided |
| Number of References: | 75 |
| Entry Date: | 2015 |
| Accession Number: | EJ1056044 |
| Database: | ERIC |
| Abstract: | The debate about whether making a risky choice is based on a weighting and adding process has a long history and is still unresolved. To address this long-standing controversy, we developed a comparative paradigm. Participants' eye movements in 2 risky choice tasks that required participants to choose between risky options in single-play and multiple-play conditions were separately compared with those in a baseline task in which participants naturally performed a deliberate calculation following a weighting and adding process. The results showed that, when participants performed the multiple-play risky choice task, their eye movements were similar to those in the baseline task, suggesting that participants may use a weighting and adding process to make risky choices in multiple-play conditions. In contrast, participants' eye movements were different in the single-play risky choice task versus the baseline task, suggesting that participants were not likely to use a weighting and adding process to make risky choices in single-play conditions and were more likely to use a heuristic process. We concluded that an expectation-based index for predicting risk preferences is applicable in multiple-play conditions but not in single-play conditions, implying the need to improve current theories that postulate the use of a heuristic process. |
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| ISSN: | 0278-7393 |
| DOI: | 10.1037/a0032861 |
