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ERIC Number: EJ1003534
Record Type: Journal
Publication Date: 2013-Jan
Pages: 18
Abstractor: As Provided
Reference Count: 0
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.)
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Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A