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DEPENDENT EVALUATION OF PAYOFF AND PROBAIBLITY IN CHOICE

dc.contributor.advisorWallsten, Thomas Sen_US
dc.contributor.authorJiang, Hongen_US
dc.date.accessioned2006-02-04T07:33:30Z
dc.date.available2006-02-04T07:33:30Z
dc.date.issued2005-12-12en_US
dc.identifier.urihttp://hdl.handle.net/1903/3199
dc.description.abstractClassic decision theories assume that gamble payoff and probability are independent in subjective evaluation. This study argues that when a simple gamble is paired with a sure outcome, the independence assumption is violated. Important aspects of this study, unlike most others in the literature, were (1) no parametric assumptions were made in evaluating independence, and (2) participants were paid according their performance in an attempt to motivate to seek maximum gain and minimum loss. Experiment 1 used a new procedure, relays, to test independence. Then three dependent models, which used functional expressions, were proposed and evaluated in Experiments 1 and 2 to pinpoint a two-way interaction pattern in which the contrast along one attribute of a gamble, either payoff or probability, influences the evaluation of the other. The results showed that the contrast between a gamble payoff and a sure outcome is more likely to affect the evaluation of probability than the other way around. This phenomenon and the accompanying uncommon value and weighting functions may be explained by the task by which participants were encouraged to gain much and lose less by contingent final payment.en_US
dc.format.extent709461 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoen_US
dc.titleDEPENDENT EVALUATION OF PAYOFF AND PROBAIBLITY IN CHOICEen_US
dc.typeDissertationen_US
dc.contributor.publisherDigital Repository at the University of Marylanden_US
dc.contributor.publisherUniversity of Maryland (College Park, Md.)en_US
dc.contributor.departmentPsychologyen_US
dc.subject.pqcontrolledPsychology, Cognitiveen_US
dc.subject.pquncontrolleddependenceen_US
dc.subject.pquncontrolledcontrasten_US
dc.subject.pquncontrolledprospect theoryen_US
dc.subject.pquncontrolledvalue-weighteden_US
dc.subject.pquncontrolledchoiceen_US


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