The combined effects of risk and time on choice: Does uncertainty eliminate the immediacy effect? Does delay eliminate the certainty effect?

Organizational Behavior and Human Decision Processes

Volumn 96, Issue 2, 2005, Pages 104-118

  Weber, Bethany J ^a   Chapman, Gretchen B ^a  

^a RUTGERS UNIVERSITY   (United States)

Author keywords

Allais Paradox; Certainty effect; Choice; Common ratio effect; Delay; Immediacy effect; Indifference points; Joint evaluation; Preference reversals; Risk; Time

Indexed keywords

EID: 15044346696     PISSN: 07495978     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.obhdp.2005.01.001     Document Type: Article

References (18)

1. M. Ahlbrecht & M. Weber An empirical study on intertemporal decision making under risk Management Science 43 1997 813-826
2. G. Ainslie Specious reward: A behavior theory of impulsiveness and impulse control Psychological Bulletin 82 1975 463-509
3. M. Allais Le comportement de l'homme rationnel devant le risque: Critique le postulats et axioms de L'Éole Américaine Econometrica 21 1953 503-546
4. R. Bostic R.J. Herrnstein & R.D. Luce The effect on the preference-reversal phenomenon of using choice indifference Journal of Economic Behavior and Organization 13 1990 193-212
5. C. Hsee The evaluability hypothesis: An explanation for preference reversals between joint and separate evaluations of alternatives Organizational Behavior and Human Decision Processes 67 3 1996 247-257
6. D. Kahneman & A. Tversky Prospect Theory: An analysis of decision under risk Econometrica 47 1979 263-291
7. D. Kahneman & A. Tversky Choices, values, and frames American Psychologist 39 4 1984 341-350
8. G. Keren & P. Roelofsma Immediacy and certainty in intertemporal choice Organizational Behavior and Human Decision Processes 63 1995 287-297
9. K.N. Kirby & R.J. Herrnstein Preference reversals due to myopic discounting of delayed reward Psychological Science 6 1995 83-89
10. K.N. Kirby & N.N. Marakovic Modeling myopic decisions: Evidence for hyperbolic delay-discounting within subjects and amounts Organizational Behavior and Human Decision Processes 64 1995 22-30
11. S. Lichtenstein & P. Slovic Reversal of preferences between bids and choices in gambling decisions Journal of Experimental Psychology 89 1971 46-55
12. G. Loewenstein & D. Prelec Anomalies in intertemporal choice: Evidence and interpretation Quarterly Journal of Economics 107 1992 573-597
13. H. Rachlin A.W. Logue J. Gibbon & M. Frankel Cognition and behavior in studies of choice Psychological Review 93 1 1986 33-45
14. H. Rachlin A. Raineri & D. Cross Subjective probability and delay Journal of Experimental Analysis of Behavior 55 2 1991 233-244
15. A. Tversky & D. Kahneman Advances in Prospect Theory: Cumulative representation of uncertainty Journal of Risk and Uncertainty 5 1992 297-323
16. A. Tversky S. Sattath & P. Slovic Contingent weighting in judgment and choice Psychological Review 95 1988 371-384
17. A. Tversky P. Slovic & D. Kahneman The causes of preference reversals The American Economic Review 80 1990 204-217
18. Weber, B. J., Marks, M., & Chapman, G. B. (2003). Variants on the Allais paradox: Testing the certainty effect account. Poster presented at the November, 2003 meeting of the Society for Judgment and Decision Making, Vancouver