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ERIC Number: EJ892084
Record Type: Journal
Publication Date: 2010-Jul
Pages: 23
Abstractor: As Provided
Reference Count: 51
ISSN: ISSN-0033-295X
Modeling Choice and Valuation in Decision Experiments
Loomes, Graham
Psychological Review, v117 n3 p902-924 Jul 2010
This article develops a parsimonious descriptive model of individual choice and valuation in the kinds of experiments that constitute a substantial part of the literature relating to decision making under risk and uncertainty. It suggests that many of the best known "regularities" observed in those experiments may arise from a tendency for participants to perceive probabilities and payoffs in a particular way. This model organizes more of the data than any other extant model and generates a number of novel testable implications which are examined with new data. (Contains 6 figures, 8 tables and 30 footnotes.)
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail:; Web site:
Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A