Context As a Variable Influencing Risky Choice: A Review.
The Behavior Analyst Today 2006, Summer, 7, 3
The Behavior Analyst Today
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When an organism has a choice between a constant and a variable outcome, both with the same mean value, 'risk' can be assessed by the proportion of times the variable outcome is chosen. Variable amounts of reinforcement and variable delay to reinforcement have been the most commonly studied determinants of risky choice, but no one theory has accounted for the results of both manipulations. Delay-reduction theory (DRT) and the Budget Rule, which both take overall economic context of the choice into effect, are reviewed and compared in a series of studies. Human studies in risky choice show a general pattern of risk aversion. While no one theory can account for this finding, work in the area of Judgment and Decision Making may lead to new avenues of research that fruitfully combine both behavior analytic and cognitive frameworks. Keywords: Risky choice, context, delay reduction, budget hypothesis, decision making.
- 2,99 €
- Category: Psychology
- Published: 22 June 2006
- Publisher: Behavior Analyst Online
- Print Length: 23 Pages
- Language: English