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| Author: | Vlaev, I. Chater, N. Stewart, N. |
| Title: | Financial prospect relativity: context effects in financial decision-making under risk |
| Journal: | Journal of Behavioral Decision Making
2007 : JUL, VOL. 20:3, p. 273-304 |
| Index terms: | finance investment decision making risk psychology perception individual behaviour |
| Freeterms: | saving |
| Language: | eng |
| Abstract: | This paper reports on 3 studies in which methodologies from psychophysics are adapted to examine context effects on individual financial decision-making under risk, aiming at determining how the range (here as: rng.) and the rank (as: rk.) of the options (as opts.) offered as saving amounts and levels of investment risk influence people's decisions about these variables. In the rng. manipulation, participants were presented with either a full rng. of choice opts. or a limited subset, while in the rk. manipulation they were presented with a skewed set of feasible opts. It is shown that choices are affected by the position of each opt. in the rng. and the rk. of presented opts., which suggests that judgments and choices are relative. |
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