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New paradigms for the old question: Challenge the expectation rule held by risky decision-making theories.
Zhou, Lei1,2,3; Zhang, Yang-Yang2,3,4; Li, Shu1,2,3; Liang, Zhu-Yuan2,3
First AuthorZhou, Lei
2018
Source PublicationJournal of Pacific Rim Psychology
Correspondent Emailliangzy@psych.ac.cn ; lishu@psych.ac.cn
ISSN1834-4909
SubtypeReview
Volume12Issue:E17Pages:1–10
QuartileQ3
Contribution Rank2
Abstract

In risky decision making, whether decision makers follow an expectation rule as hypothesised by mainstream theories is a compelling question. To tackle this question and enrich our knowledge of the underlying mechanism of risky decision making, we developed a series of new experimental paradigms that directly examined the computation processes to systematically investigate the process of risky decision making and explore the boundary condition of expectation rule over the course of a decade. In this article, we introduce these methods and review behavioural, eye-tracking, event-related potential, and functional magnetic resonance imaging studies that employed these methods. Results of these studies consistently showed that decision makers in the single-application condition did not perform the weighting and summing process assumed by the expectation rule. Moreover, decision makers were inclined to adopt a non-compensatory strategy, such as a heuristic one, in risky decision making. Furthermore, results indicated that the expectation rule was only applicable for conditions that involved decisions applied to numerous events (multiple applications) or to people (everyone). The findings indicated that using an index based on expected value to prescribe human risk preferences appears to be an artificial or false index of risk preference, and emphasised a new methodological direction for risky decision-making research.

Keywordrisky decision making process testing compensatory rule non-compensatory rule
DOI10.1017/prp.2018.4
URL查看原文
Indexed BySSCI
Language英语
WOS Research AreaPsychology
WOS SubjectPsychology, Multidisciplinary
WOS IDWOS:000437537200017
Citation statistics
Cited Times:1[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.psych.ac.cn/handle/311026/29097
Collection中国科学院行为科学重点实验室
Corresponding AuthorLi, Shu; Liang, Zhu-Yuan
Affiliation1.Management School, Jinan University
2.CAS Key Laboratory of Behavioral Science, Institute of Psychology
3.Department of Psychology, University of Chinese Academy of Sciences
4.School of Psychology, Shaanxi Normal University
Recommended Citation
GB/T 7714
Zhou, Lei,Zhang, Yang-Yang,Li, Shu,et al. New paradigms for the old question: Challenge the expectation rule held by risky decision-making theories.[J]. Journal of Pacific Rim Psychology,2018,12(E17):1–10.
APA Zhou, Lei,Zhang, Yang-Yang,Li, Shu,&Liang, Zhu-Yuan.(2018).New paradigms for the old question: Challenge the expectation rule held by risky decision-making theories..Journal of Pacific Rim Psychology,12(E17),1–10.
MLA Zhou, Lei,et al."New paradigms for the old question: Challenge the expectation rule held by risky decision-making theories.".Journal of Pacific Rim Psychology 12.E17(2018):1–10.
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