Assessing "Economic Value": Symbolic-Number Mappings Predict Risky and Riskless Valuations

Psychological Science

Volumn 25, Issue 3, 2014, Pages 753-761

  Schley, Dan R ^a   Peters, Ellen ^a  

^a OHIO STATE UNIVERSITY   (United States)

Author keywords

decision making; dual processes; individual differences; intertemporal choice; mathematical ability; numeracy; numerical cognition; risk aversion; valuation

Indexed keywords

ADOLESCENT; ADULT; AGED; CONCEPT FORMATION; DECISION MAKING; FEMALE; HIGH RISK BEHAVIOR; HUMAN; INDIVIDUALITY; MALE; MIDDLE AGED; PSYCHOLOGICAL MODEL; RISK ASSESSMENT; YOUNG ADULT;

ADOLESCENT; ADULT; AGED; CHOICE BEHAVIOR; CONCEPT FORMATION; DECISION MAKING; FEMALE; HUMANS; INDIVIDUALITY; JUDGMENT; MALE; MIDDLE AGED; MODELS, PSYCHOLOGICAL; RISK ASSESSMENT; RISK-TAKING; YOUNG ADULT;

EID: 84896824460     PISSN: 09567976     EISSN: 14679280     Source Type: Journal    
DOI: 10.1177/0956797613515485     Document Type: Article

References (42)

1. Barth H. C.,Paladino A. M.The development of numerical estimation: Evidence against a representational shift.Developmental Science. 2011;14:125-135.
2. Bernoulli D.Exposition of a new theory on the measurement of risk.Econometrica. 1954;22:23-36.
3. Booth J. L.,Siegler R. S.Numerical magnitude representations influence arithmetic learning.Child Development. 2008;79:1016-1031.
4. Butterworth B.Foundational numerical capacities and the origins of dyscalculia.Trends in Cognitive Sciences. 2010;14:534-541.
5. CastronovoJ.GöbelS. M. (2012). Impact of high mathematics education on the number sense. PLoS ONE, 7(4), e33832. Retrieved from http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0033832.
6. Chesney D. L.,Matthews P. G.Knowledge on the line: Manipulating beliefs about the magnitudes of symbolic numbers affects the linearity of line estimation tasks.Psychonomic Bulletin & Review. 2013;20:1146-1153.
7. Cokely E. T.,Kelley C. M.Cognitive abilities and superior decision making under risk: A protocol analysis and process model evaluation.Judgment and Decision Making. 2009;4:20-33.
8. Dehaene S.Varieties of numerical abilities.Cognition. 1992;44:1-42.
9. Dehaene S.,Izard V.,Spelke E.,Pica P.Log or linear? Distinct intuitions of the number scale in Western and Amazonian indigene cultures.Science. 2008;320:1217-1220.
10. DeWindN. K.BrannonE. M. (2012). Malleability of the approximate number system: Effects of feedback and training. Frontiers in Human Neuroscience, 6, 68. Retrieved from http://www.frontiersin.org/Journal/10.3389/fnhum.2012.00068/full.
11. Feigenson L.,Dehaene S.,Spelke E.Core systems of number.Trends in Cognitive Sciences. 2004;8:307-314.
12. Frederick S.Cognitive reflection and decision making.The Journal of Economic Perspectives. 2005;19 (4): 25-42.
13. Gallistel C. R.,Gelman R.Non-verbal numerical cognition: From reals to integers.Trends in Cognitive Sciences. 2000;4:59-65.
14. Halberda J.,Mazzocco M. M. M.,Feigenson L.Individual differences in non-verbal number acuity correlate with math achievement.Nature. 2008;455:665-668.
15. Holloway I. D.,Ansari D.Domain-specific and domain-general changes in children's development of number comparison.Developmental Science. 2008;11:644-649.
16. Holloway I. D.,Ansari D.Mapping numerical magnitudes onto symbols: The numerical distance effect and individual differences in children's mathematics achievement.Journal of Experimental Child Psychology. 2009;103:17-29.
17. Holt C. A.,Laury S. K.Risk aversion and incentive effects.The American Economic Review. 2002;92:1644-1655.
18. Hsee C. K.,Zhang J.Distinction bias: Misprediction and mischoice due to joint evaluation.Journal of Personality and Social Psychology. 2004;86:680-695.
19. Izard V.,Dehaene S.Calibrating the mental number line.Cognition. 2008;106:1221-1247.
20. Kahneman D.,Tversky A.Prospect Theory: An analysis of decisions under risk.Econometrica. 1979;47:363-391.
21. Mazzocco M. M. M.,Feigenson L.,Halberda J.Impaired acuity of the approximate number system underlies mathematical learning disability (dyscalculia).Child Development. 2011;82:1224-1237.
22. Moyer R. S.,Landauer T. K.Time required for judgements of numerical inequality.Nature. 1967;215:1519-1520.
23. Mundy E.,Gilmore C. K.Children's mapping between symbolic and nonsymbolic representations of number.Journal of Experimental Child Psychology. 2009;103:490-502.
24. Nieder A.,Freedman D. J.,Miller E. K.Representation of the quantity of visual items in the primate prefrontal cortex.Science. 2002;297:1708-1711.
25. Opfer J. E.,Siegler R. S.Representational change and children's numerical estimation.Cognitive Psychology. 2007;55:169-195.
26. Park J.,Brannon E. M.Training the approximate number system improves math proficiency.Psychological Science. 2013;24:2013-2019.
27. Parkman J. M.Temporal aspects of digit and letter inequality judgments.Journal of Experimental Psychology. 1971;91:191-205.
28. Peters E.Beyond comprehension: The role of numeracy in judgments and decisions.Current Directions in Psychological Science. 2012;21:31-35.
29. Peters E.,Slovic P.,Västfjäll D.,Mertz C.Intuitive numbers guide decisions.Judgment and Decision Making. 2008;3:619-635.
30. Peters E.,Västfjäll D.,Slovic P.,Mertz C. K.,Mazzocco K.,Dickert S.Numeracy and decision making.Psychological Science. 2006;17:407-413.
31. Piazza M.,Pica P.,Izard V.,Spelke E. S.,Dehaene S.Education enhances the acuity of the nonverbal approximate number system.Psychological Science. 2013;24:1037-1043.
32. Price G. R.,Palmer D.,Battista C.,Ansari D.Nonsymbolic numerical magnitude comparison: Reliability and validity of different task variants and outcome measures, and their relationship to arithmetic achievement in adults.Acta Psychologica. 2012;140:50-57.
33. Reyna V. F.,Nelson W.,Han P.,Dieckmann N. F.How numeracy influences risk reduction and medical decision making.Psychological Bulletin. 2009;135:943-973.
34. Rips L. J.How many is a zillion? Sources of number distortion.Journal of Experimental Psychology: Learning, Memory, and Cognition. 2013;39:1257-1264.
35. Siegler R. S.,Opfer J. E.The development of numerical estimation: Evidence for multiple representations of numerical quantity.Psychological Science. 2003;14:237-243.
36. Toubia O.,Johnson E.,Evgeniou T.,Delquié P.Dynamic experiments for estimating preferences: An adaptive method of eliciting time and risk parameters.Management Science. 2013;59:613-640.
37. Verguts T.,Fias W.Representation of number in animals and humans: A neural model.Journal of Cognitive Neuroscience. 2004;16:1493-1504.
38. Von Neumann J.,Morgenstern O.The theory of games and economic behavior. Princeton, NJ: Princeton University Press; 1947:.
39. Weller J. A.,Dieckmann N. F.,Tusler M.,Mertz C. K.,Peters E.Development and testing of an abbreviated numeracy scale: A Rasch analysis approach.Journal of Behavioral Decision Making. 2013;26:198-212.
40. Whalen J.,Gallistel C. R.,Gelman R.Nonverbal counting in humans: The psychophysics of number representation.Psychological Science. 1999;10:130-137.
41. Wilson T. D.,Gilbert D. T.Affective forecasting: Knowing what to want.Current Directions in Psychological Science. 2005;14:131-134.
42. Zauberman G. B.,Kim K.,Malkoc S.,Bettman J. R.Discounting time and time discounting: Subjective time perception and intertemporal preferences.Journal of Marketing Research. 2009;46:543-556.