NotesFAQContact Us
Collection
Advanced
Search Tips
50 Years of ERIC
50 Years of ERIC
The Education Resources Information Center (ERIC) is celebrating its 50th Birthday! First opened on May 15th, 1964 ERIC continues the long tradition of ongoing innovation and enhancement.

Learn more about the history of ERIC here. PDF icon

Back to results
Peer reviewed Peer reviewed
Direct linkDirect link
ERIC Number: EJ1003534
Record Type: Journal
Publication Date: 2013-Jan
Pages: 18
Abstractor: As Provided
Reference Count: 0
ISBN: N/A
ISSN: ISSN-0010-0277
The Long and Short of It: Closing the Description-Experience "Gap" by Taking the Long-Run View
Camilleri, Adrian R.; Newell, Ben R.
Cognition, v126 n1 p54-71 Jan 2013
Previous research has shown that many choice biases are attenuated when short-run decisions are reframed to the long run. However, this literature has been limited to description-based choice tasks in which possible outcomes and their probabilities are explicitly specified. A recent literature has emerged showing that many core results found using the description paradigm do not generalize to experience-based choice tasks in which possible outcomes and their probabilities are learned from sequential sampling. In the current study, we investigated whether this description-experience choice gap occurs in the long run. We examined description- and experience-based preferences under two traditional short run framed choice tasks (single-play, repeated-play) and also a long-run frame (multi-play). We found a reduction in the size of the description-experience gap in the long-run frame, which was attributable to greater choice maximizing in the description format and reduced overweighting of rare events in the experience format. We interpret these results as a "broad bracketing" effect: the long-run mindset attenuates short-run biases such as loss aversion and reliance on small samples. (Contains 1 table and 4 figures.)
Elsevier. 3251 Riverport Lane, Maryland Heights, MO 63043. Tel: 800-325-4177; Tel: 314-447-8000; Fax: 314-447-8033; e-mail: JournalCustomerService-usa@elsevier.com; Web site: http://www.elsevier.com
Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers: N/A