When experience is better than description: Time delays and complexity

Journal of Behavioral Decision Making

Volumn 23, Issue 1, 2010, Pages 100-116

  Lejarraga, TomáS ^a  

^a DEPARTMENT OF ECONOMICS AND BUSINESS   (Spain)

Author keywords

Decisions from experience; Frequency judgments; Individual differences; Preference for experience

Indexed keywords

EID: 72449161639     PISSN: 08943257     EISSN: 10990771     Source Type: Journal    
DOI: 10.1002/bdm.666     Document Type: Article

References (38)

1. Attneave, F. (1953). Psychological probability as a function of experienced frequency. Journal of Experimental Psychology, 46, 81-86.
2. Barron, G., & Erev, I. (2003). Small feedback-based decisions and their limited correspondence to description-based decisions. Journal of Behavioral Decision Making, 16, 215-233.
3. Barron, G., Leider, S. G., & Stack, J. N. (2008). The effect of safe experience on a warnings' impact: Sex, drugs, and rock-n-roll. Organizational Behavior and Human Decision Processes, 106, 125-142.
4. Bechara, A., Damasio, A. R., Damasio, H., & Anderson, S. W. (1994). Insensitivity to future consequences following damage to neural prefrontal cortex. Cognition, 50, 7-15.
5. Bosch-Domenech, A., & Silvestre, J. (2006). Reflections on gains and losses: A 2 T2T 7 experiment. Journal of Risk and Uncertainty, 33, 217-235.
6. Cowan, N. (2000). The magical number 4 in short-term memory: A reconsideration of mental storage capacity. Behavioral and Brain Sciences, 24, 87-185.
7. Erev, I., & Barron, G. (2005). On adaptation, maximization, and reinforcement learning among cognitive strategies. Psychological Review, 112, 912-931.
8. Erev, I., Glozman, I., & Hertwig, R. (2008). What impacts the impact of rare events. Journal of Risk and Uncertainty, 36, 153-177.
9. Erev, I., & Wallsten, T. (1993). The effect of explicit probabilities on decision weights and on the reflection effect. Journal of Behavioral Decision Making, 6, 221-241.
10. Fox, C. R., & Hadar, L. (2006). Decisions from experience = sampling error + prospect theory: Reconsidering Hertwig, Barron, Weber, and Erev, (2004). Judgment and Decision Making, 2, 159-161.
11. Gude, C., & Zechmeister, E. G. (1975). Frequency judgments for the'Gist' of sentences. The American Journal of Psychology, 88, 385-396.
12. Hasher, L., & Zacks, R. T. (1979). Automatic and effortful processes in memory. Journal of Experimental Psychology, 108,356-388.
13. Hasher, L., & Zacks, R. T. (1984). Automatic processing of fundamental information: The case of frequency of occurrence. American Psychologist, 39, 1372-1388.
14. Hau, R., Pleskac, T. J., Kiefer, J., & Hertwig, R. (2008). The description-experience gap in risky choice: The role of sample size and experienced probabilities. Journal of Behavioral Decision Making, 21, 493-518.
15. Hertwig, R., Barron, G., Weber, E. U., & Erev, I. (2004). Decisions from experience and the effect of rare events in risky choice. Psychological Science, 15, 534-539.
16. Hertwig, R., Barron, G., Weber, E. U., & Erev, I. (2006). The role of information sampling in risky choice. In K. Fiedler, & P. Juslin (Eds.), Information sampling and adaptive cognition (pp. 72-91). New York: Cambridge University Press.
17. Hertwig, R., & Pleskac, T. J. (2008). The game of life: How small samples render choice simpler. In N. Chater, & M. Oaksford (Eds.), The probabilistic mind: Prospects for rational models of cognition (pp. 209-236). Oxford, UK: Oxford University Press.
18. Huber, O., Wider, R., & Huber, O. W. (1997). Active information search and complete information presentation in naturalistic risky decision tasks. Acta Psychologica, 95, 15-29.
19. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An analysis of decisions under risk. Econometrica, 47, 263-291.
20. Lejarraga, T. (2006). Decisions from experience: Just part of the picture. Universitat Pompeu Fabra, Barcelona. Unpublished manuscript.
21. Lipkus, I. M., Samsa, G., & Rimer, B. K. (2001). General performance on a numeracy scale among highly educated samples. Medical Decision Making, 21, 37-44.
22. MacCallum, R. C., Zhang, S., Preacher, K. J., & Rucker, D. D. (2002). On the practice of dichotomization of quantitative variables. Psychological Methods, 7, 19-40.
23. March, J. G. (1996). Learning to be risk averse. Psychological Review, 103, 309-319.
24. Miller, G. A. (1956). The magical number seven, plus or minus two. The Psychological Review, 63, 81-97.
25. Newell, B. R., & Rakow, T. (2007). The role of experience in decisions from description. Psychonomic Bulletin and Review, 14, 1133-1139.
26. Pacini, R., & Epstein, S. (1999). The relation of rational and experiential information processing styles to personality, basic beliefs, and the ratio-bias phenomenon. Journal of Personality and Social Psychology, 76, 972-987.
27. Payne, J. W., Bettman, J. R., & Johnson, E. J. (1993). The adaptive decision maker. Cambridge, UK: Cambridge University Press.
28. Peters, E., Västfjall, D., Slovic, P., Mertz, C. K., Mazzocco, K., & Dickert, S. (2006). Numeracy and decision making. Psychological Science, 17, 407-413.
29. Rakow, T. R., Demes, K., & Newell, B. R. (2008). Biased samples not mode of presentation: Re-examining the apparent underweighting of rare events in experience-based choice. Organizational Behavior and Human Decision Processes, 106,168-179.
30. Rottenstreich, Y., & Hsee, C. K. (2001). Money, kisses, and electric shocks: On the affective psychology of risk. Psychological Science, 12, 185-190.
31. Russo, J. E. (1977). The value of unit price information. Journal of Marketing Research, 14, 193-201.
32. Simon, H. A. (1955). A behavioral model of rational choice. Quarterly Journal of Economics, 69, 99-118.
33. Stanovich, K. E., & West, R. F. (1998). Individual differences in rational thought. Journal of Experimental Psychology, 127,161-188.
34. Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5, 297-323.
35. Weber, E. U. (2006). Experience-based and description-based perceptions of long-term risk. Why global warming does not scare us (yet). Climatic Change, 77, 103-120.
36. Weber, E. U., Shafir, S., & Blais, A. R. (2004). Predicting risk sensitivity in humans and lower animals: Risk as variance or coefficient of variation. Psychological Review, 111, 430-445.
37. Yechiam, E., Barron, G., & Erev, I. (2005). The role of personal experience in contributing to different patterns of response to rare terrorist attacks. Journal of Conflict Resolution, 49, 430-439.
38. Yechiam, E., Erev, I., & Barron, G. (2006). The effect of experience on using a safety device. Safety Science, 44, 515-522.