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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
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  Data: Is Making a Risky Choice Based on a Weighting and Adding Process? An Eye-Tracking Investigation
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  Data: <searchLink fieldCode="AR" term="%22Su%2C+Yin%22">Su, Yin</searchLink><br /><searchLink fieldCode="AR" term="%22Rao%2C+Li-Lin%22">Rao, Li-Lin</searchLink><br /><searchLink fieldCode="AR" term="%22Sun%2C+Hong-Yue%22">Sun, Hong-Yue</searchLink><br /><searchLink fieldCode="AR" term="%22Du%2C+Xue-Lei%22">Du, Xue-Lei</searchLink><br /><searchLink fieldCode="AR" term="%22Li%2C+Xingshan%22">Li, Xingshan</searchLink><br /><searchLink fieldCode="AR" term="%22Li%2C+Shu%22">Li, Shu</searchLink>
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  Data: 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
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  Data: 16
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  Data: <searchLink fieldCode="DE" term="%22Eye+Movements%22">Eye Movements</searchLink><br /><searchLink fieldCode="DE" term="%22Risk%22">Risk</searchLink><br /><searchLink fieldCode="DE" term="%22Decision+Making%22">Decision Making</searchLink><br /><searchLink fieldCode="DE" term="%22Task+Analysis%22">Task Analysis</searchLink><br /><searchLink fieldCode="DE" term="%22Comparative+Analysis%22">Comparative Analysis</searchLink><br /><searchLink fieldCode="DE" term="%22Heuristics%22">Heuristics</searchLink><br /><searchLink fieldCode="DE" term="%22Prediction%22">Prediction</searchLink><br /><searchLink fieldCode="DE" term="%22Models%22">Models</searchLink><br /><searchLink fieldCode="DE" term="%22College+Students%22">College Students</searchLink><br /><searchLink fieldCode="DE" term="%22Hypothesis+Testing%22">Hypothesis Testing</searchLink><br /><searchLink fieldCode="DE" term="%22Foreign+Countries%22">Foreign Countries</searchLink><br /><searchLink fieldCode="DE" term="%22Probability%22">Probability</searchLink><br /><searchLink fieldCode="DE" term="%22Symbols+%28Mathematics%29%22">Symbols (Mathematics)</searchLink><br /><searchLink fieldCode="DE" term="%22Games%22">Games</searchLink><br /><searchLink fieldCode="DE" term="%22Reaction+Time%22">Reaction Time</searchLink><br /><searchLink fieldCode="DE" term="%22Cognitive+Processes%22">Cognitive Processes</searchLink>
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  Data: <searchLink fieldCode="DE" term="%22China%22">China</searchLink>
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  Data: 10.1037/a0032861
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  Data: 0278-7393
– Name: Abstract
  Label: Abstract
  Group: Ab
  Data: 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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– Name: DateEntry
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  Data: 2015
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  Data: EJ1056044
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        Value: 10.1037/a0032861
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        PageCount: 16
        StartPage: 1765
    Subjects:
      – SubjectFull: Eye Movements
        Type: general
      – SubjectFull: Risk
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      – SubjectFull: Decision Making
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      – SubjectFull: Cognitive Processes
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      – SubjectFull: China
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      – TitleFull: Is Making a Risky Choice Based on a Weighting and Adding Process? An Eye-Tracking Investigation
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