Risk attitude in decision making: In search of trait-like constructs

Topics in Cognitive Science

Volumn 3, Issue 1, 2011, Pages 166-186

  Yechiam, Eldad ^a   Ert, Eyal ^b  

^a TECHNION ISRAEL INSTITUTE OF TECHNOLOGY   (Israel)

^b HEBREW UNIVERSITY OF JERUSALEM   (Israel)

Author keywords

Cognitive style; Experience; Individual differences; Risk taking

Indexed keywords

ATTITUDE; DECISION MAKING; DELAY DISCOUNTING; HIGH RISK BEHAVIOR; HUMAN; PHYSIOLOGY; PSYCHOLOGIC TEST; UNCERTAINTY;

ATTITUDE; DECISION MAKING; DELAY DISCOUNTING; HUMANS; PSYCHOLOGICAL TESTS; RISK-TAKING; UNCERTAINTY;

EID: 79961229828     PISSN: 17568757     EISSN: 17568765     Source Type: Journal    
DOI: 10.1111/j.1756-8765.2010.01126.x     Document Type: Article

References (40)

1. Ahn, W. Y., Busemeyer, J. R., Wagenmakers, E. J., & Stout, J. C. (2008). Comparison of decision learning models using the generalization criterion method. Cognitive Science, 32, 1376-1402.
2. Altman, A., Bercovici-Boden, A., & Tennenholtz, M. (2006). Learning in one shot strategic form games. In J. Fürnkranz, T. Scheffer, & M. Spiliopoulou (Eds.), Machine learning: EMCL 2006 (pp. 6-17). Berlin: Springer-Verlag.
3. Ashton, M. C., & Vernon, P. A. (1995). Verbal and spatial abilities are uncorrelated when g is controlled. Personality and Individual Differences, 19, 399-401.
4. Birnbaum, M. H., & Bahra, J. P. (2007). Gain-loss separability and coalescing in risky decision making. Management Science, 53, 1016-1028.
5. Brachinger, H. W., & Weber, M. (1997). Risk as primitive: A survey of measures of perceived risk. OR Spectrum, 19, 235-250.
6. Busemeyer, J. R., & Stout, J. C. (2002). A contribution of cognitive decision models to clinical assessment: Decomposing performance on the Bechara gambling task. Psychological Assessment, 14, 253-262.
7. Deinzer, R., Steyer, R., Eid, M., Notz, P., Schwenkmezger, P., Ostendorf, F., & Neubauer, A. (1995). Situational effects in trait assessment: The FPI, NEOFFI, and EPI questionnaires. European Journal of Personality, 9, 1-23.
8. Erev, I., Ert, E., & Yechiam, E. (2008). Loss aversion, diminishing sensitivity, and the effect of experience on repeated decisions. Journal of Behavioral Decision Making, 21, 575-597.
9. Ert, E., & Erev, I. (2008). The rejection of attractive gambles, loss aversion, and the lemon avoidance heuristic. Journal of Economic Psychology, 29, 715-723.
10. Ert, E., & Erev, I. (2010). On the descriptive value of loss aversion in decisions under risk. Harvard Business School working paper 10-056.
11. Ert, E., & Yechiam, E. (2010). Consistent constructs in individuals' risk taking in decisions from experience. Acta Psychologica, 134, 225-232.
12. Eysenck, H. J., & Eysenck, M. W. (1985). Personality and individual differences: A natural science approach. New York: Plenum.
13. Figner, B., Mackinlay, R. J., Wilkening, F., & Weber, E. U. (2009). Hot and cold cognition in risky decision making: accounting for age and gender differences in risk taking. Journal of Experimental Psychology: Learning, Memory, and Cognition, 35, 709-730.
14. Goldberg, L. R. (1993). The structure of phenotypic personality traits. American Psychologist, 48, 26-34.
15. Goldstein, W. M., & Einhorn, H. (1987). A theory of preference reversals. Psychological Review, 94, 236-254.
16. Hendricks, W. A., & Robey, K. W. (1936). The sampling distribution of the coefficient of variation. The Annals of Mathematical Statistics, 7, 129-132.
17. 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.
18. Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263-291.
19. Kassin, S. (2003). Psychology. Englewood Cliffs, NJ: Prentice-Hall, Inc.
20. Keller, R. L. (1985). An Empirical Investigation of relative risk aversion. IEEE Transaction on Systems, Man, and Cybernetics, 15, 475-482.
21. Kenrick, T., & Funder, D. C. (1988). Profiting from controversy: Lessons from the person-situation debate. American Psychologist, 43, 23-34.
22. Koritzky, G., & Yechiam, E. (2010). On the robustness of decision tasks to response distortion. Journal of Behavioral Decision Making, 23, 83-99.
23. Levin, I. P., Hart, S. S., Weller, J. A., & Harshman, L. A. (2007). Stability of choices in a risky decision making task: A 3-year longitudinal study. Journal of Behavioral Decision Making, 20, 241-252.
24. Markowitz, H. M. (1952). Portfolio selection. Journal of Finance, 7, 77-91.
25. McCrae, R. R., & Costa, P. T. Jr (1987). Validation of the five-factor model of personality across instruments and observers. Journal of Personality and Social Psychology, 52, 81-90.
26. Michalski, R., Carbonell, J., & Mitchell, T. (1986). Machine learning, Vol II. Los Altos, CA: Morgan Kauffman.
27. Payne, J. W. (1973). Alternative approaches to decision making under risk: Moments vs. risk dimensions. Psychological Bulletin, 80, 493-553.
28. Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32, 122-136.
29. Preuschoff, K., Bossaerts, P., & Quartz, S. R. (2006). Neural differentiation of expected reward and risk in human subcortical structures. Neuron, 51, 381-390.
30. Schneider, S. L., & Lopes, L. L. (1986). Reflection in preferences under risk: Who and when may suggest why. Journal of Experimental Psychology: Human Perception and Performance, 12, 535-548.
31. Schoemaker, P. J. H. (1990). Are risk-attitudes related across domains and response modes? Management Science, 36, 1451-1463.
32. Schoemaker, P. J. H. (1993). Determinants of risk-taking: Behavioral and economic views. Journal of Risk and Uncertainty, 6, 49-73.
33. Stevens, S. S. (1957). On the psychophysical law. Psychological Review, 64, 153-181.
34. Tett, R. P., & Guterman, H. A. (2000). Situation trait relevance, trait expression, and cross-situational consistency: Testing a principle of trait activation. Journal of Research in Personality, 34, 397-423.
35. Tversky, A., & Kahneman, D. (1974). Judgments under uncertainty: Heuristics and biases. Science, 185, 1124-1131.
36. Tversky, A., Sattath, S., & Slovic, E. (1988). Contingent weighting in judgment and choice. Psychological Review, 95, 371-384.
37. 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.
38. Weller, J. A., Levin, I. P., Shiv, B., & Bechara, A. (2007). Neural correlates of adaptive decision making for risky gains and losses. Psychological Science, 18, 958-964.
39. Worthy, D. A., Maddox, W. T., & Markman, A. B. (2007). Regulatory fit effects in a choice task. Psychonomic Bulletin and Review, 14, 1125-1132.
40. Yechiam, E. (2010). Losses induce consistency in risk taking even without loss aversion. Technion working paper.