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| Author: | Fielder K. Unkelbach C. |
| Title: | Lottery attractiveness and presentation mode of probability and value information |
| Journal: | Journal of Behavioral Decision Making
2011 : JAN VOL 24:1 p. 99-115 |
| Index terms: | games lotteries |
| Freeterms: | lottery attractiveness experienced probability diagnosticity presentation mode |
| Language: | eng |
| Abstract: | The attractiveness of lotteries that vary in probability and outcome depends on the presentation mode of probability (p) and outcome (o) information. Expanding previous findings on temporally experienced p, we manipulate the numerically stated versus spatially experienced format of both p (graphical presentation of a distribution of lottery tickets in an urn) and o (distribution of money notes). Lottery attractiveness ratings were sensitive to the expected value (EV), but p received more weight than o at constant EV levels (p-dominance). Both EV sensitivity and p-dominance were enhanced for experienced p and numerical o. This format particularly pointed the unattractiveness of low-p lotteries. Experiencing p was functional in terms of accuracy and high-risk avoidance, but only when the task environments rendered p diagnostic of EV. The presentation mode manipulations did not affect the initial perception stage but the relative weighting of p and o in the final judgment integration stage. |
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