search query: @indexterm HEURISTIC METHODS / total: 556
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| Author: | Hau, R. (et al.) |
| Title: | The description-experience gap in risky choice: the role of sample size and experienced probabilities |
| Journal: | Journal of Behavioral Decision Making
2008 : DEC, VOL 21:5, p. 493-518 |
| Index terms: | heuristic methods sampling decision making |
| Language: | eng |
| Abstract: | The description-experience gap, i. e. whether people make risky choices based on descriptions or their own experience, has been studied in recent literature. This article claims that the gap may result from people's use of small samples, and investigates whether the gap exists also in cases of large samples. And the gap still exists. The authors study choices in present and previous studies including heuristics, associative-learning models and two-staged model of cumulative prospect theory to explain the presence of the gap in large samples. As one explanation they find that in both types of decisions, people tend to treat probabilities differently. |
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