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Direct linkWang, X. T.; Johnson, Joseph G. – Journal of Experimental Psychology: General, 2012
The tri-reference point (TRP) theory takes into account minimum requirements (MR), the status quo (SQ), and goals (G) in decision making under risk. The 3 reference points demarcate risky outcomes and risk perception into 4 functional regions: success (expected value of x greater than or equal to G), gain (SQ less than x less than G), loss (MR…
Descriptors: Decision Making, Remedial Mathematics, Risk, Theories
Chater, Nick; Vlaev, Ivo; Grinberg, Maurice – Journal of Experimental Psychology: General, 2008
Theories of choice in economics typically assume that interacting agents act individualistically and maximize their own utility. Specifically, game theory proposes that rational players should defect in one-shot prisoners' dilemmas (PD). Defection also appears to be the inevitable outcome for agents who learn by reinforcement of past choices,…
Descriptors: Game Theory, Cooperation, Selection, Reinforcement
