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| Author: | Yechiam, E. Busemeyer, J.R. |
| Title: | The effect of foregone payoffs on underweighting small probability events |
| Journal: | Journal of Behavioral Decision Making
2006 : JAN, VOL. 19:1, p. 1-16 |
| Index terms: | decision making experience learning probability |
| Language: | eng |
| Abstract: | This article investigates the impact of foregone payoffs on underweighting rare but possible events in repeated choice tasks. The authors emphasise the conditions and the contribuing factors for the occurrence of such long-lasting effects. It is shown that foregone payoffs increase the selection from risky alternatives with extremely rare and highly negative outcomes, and that this effect does not diminish with repeated presentation of the task. |
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