Decision biases in intertemporal choice and choice under uncertainty: testing a common account.

Full Abstract

Two experiments were performed to test a psychophysical account of parallels between biases in risky choice and intertemporal choice. Experiment 1 demonstrated the common difference effect in intertemporal choice and the common ratio effect in risky choice. As was predicted, these two biases were uncorrelated with each other, although each was correlated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of two different dimensions (time and probability, respectively). Experiment 2 examined the magnitude effect in intertemporal choice and the peanuts effect in risky choice. These two biases were correlated with each other but were uncorrelated across monetary/health domains. This result is consistent with the supposition that these two biases result from psychophysical properties of the same dimension (utility of money or health).

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Author information

Author/s: Chapman, Gretchen B (GB); Weber, Bethany J (BJ);

Affiliation: Psychology Department, Rutgers University, 152 Frelinghuysen Road, Piscataway, NJ 08854-8020, USA. gbc(-atsign-)rci.rutgers.edu

Journal and publication information

Publication Type: Journal Article; Research Support, Non-U.S. Gov't; Research Support, U.S. Gov't, Non-P.H.S.

Journal: Memory & cognition (Mem Cognit), published in United States. (Language: eng)

Reference: 2006-Apr; vol 34 (issue 3) : pp 589-602

Dates: Created 2006/08/28; Completed 2006/09/21; Revised 2006/11/15;

PMID: 16933768, status: MEDLINE (last retrieval date: 12/26/2008)

Sourced from the National Library of Medicine. Abstract text and other information may be subject to copyright.

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