There is a disconnect in the literature between analyses of risky choice based on cumulative prospect theory (CPT) and work on predecisional information processing. One likely reason is that for ...expectation models (e.g., CPT), it is often assumed that people behaved only as if they conducted the computations leading to the predicted choice and that the models are thus mute regarding information processing. We suggest that key psychological constructs in CPT, such as loss aversion and outcome and probability sensitivity, can be interpreted in terms of attention allocation. In two experiments, we tested hypotheses about specific links between CPT parameters and attentional regularities. Experiment 1 used process tracing to monitor participants' predecisional attention allocation to outcome and probability information. As hypothesized, individual differences in CPT's loss-aversion, outcome-sensitivity, and probability-sensitivity parameters (estimated from participants' choices) were systematically associated with individual differences in attention allocation to outcome and probability information. For instance, loss aversion was associated with the relative attention allocated to loss and gain outcomes, and a more strongly curved weighting function was associated with less attention allocated to probabilities. Experiment 2 manipulated participants' attention to losses or gains, causing systematic differences in CPT's loss-aversion parameter. This result indicates that attention allocation can to some extent cause choice regularities that are captured by CPT. Our findings demonstrate an as-if model's capacity to reflect characteristics of information processing. We suggest that the observed CPT-attention links can be harnessed to inform the development of process models of risky choice.
Social Value Orientation Murphy, Ryan O.; Ackermann, Kurt A.
Personality and social psychology review,
02/2014, Letnik:
18, Številka:
1
Journal Article
What motivates people when they make decisions and how those motivations are potentially entangled with concerns for others are central topics for the social, cognitive, and behavioral sciences. ...According to the postulate of narrow self-interest, decision makers have the goal of maximizing personal payoffs and are wholly indifferent to the consequences for others. The postulate of narrow self-interest—which has been influential in economics, psychology, and sociology—is precise and powerful but is often simply wrong. Its inadequacy is well known and efforts have been made to develop reliable and valid measurement methods to quantify the more nuanced social preferences that people really have. In this paper, we report on the emergence and development of the predominant conceptualization of social preferences in psychology: social value orientation (SVO). Second, we discuss the relationship between measurement and theory development of the SVO construct. We then provide an overview of the literature regarding measurement methods that have been used to assess individual variations in social preferences. We conclude with a comparative evaluation of the various measures and provide suggestions regarding the measures’ constructive use in building psychologically realistic theories of people’s social preferences.
Measuring Social Value Orientation Handgraaf, Michel J. J; Murphy, Ryan O; Ackerman, Kurt A
Judgment and Decision Making,
12/2011, Letnik:
6, Številka:
8
Journal Article
Recenzirano
Odprti dostop
Narrow self-interest is often used as a simplifying assumption when studying people making decisions in social contexts. theless, people exhibit a wide range of different motivations when choosing ...unilaterally among interdependent outcomes. Measuring the magnitude of the concern people have for others, sometimes called Social Value Orientation (SVO), has been an interest of many social scientists for decades and several different measurement methods have been developed so far. Here we introduce a new measure of SVO that has several advantages over existent methods. A detailed description of the new measurement method is presented, along with norming data that provide evidence of its solid psychometric properties. We conclude with a brief discussion of the research streams that would benefit from a more sensitive and higher resolution measure of SVO, and extend an invitation to others to use this new measure which is freely available.
Celotno besedilo
Dostopno za:
CEKLJ, DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, UILJ, UKNU, UL, UM, UPUK
Display clutter is a widely studied phenomenon in ergonomics, where information density and other properties of task-relevant visualizations are related to effective user performance and visual ...attention. This paper examines the impact of clutter in the context of financial stock visualizations. Depending on their expertise, traders can use a variety of different cues to judge the current and future value of a stock and to assess its riskiness. In our study, two groups of participants (novices and experts) judge the riskiness of 28 pairs of stocks under two clutter conditions (low and high). Consistency of judgments and group concordance serve as measures for judgment performance, while mean fixation duration, fixation frequency, and transition matrix density are employed to capture visual attention. Our results reveal significant effects of display clutter and expertise on both the performance measures as well as the visual attention measures.
•The study reveals the importance of studying the display clutter in combination with expertise levels.•Novices are more affected by high display clutter than experts on both performance as well as visual attention measures.•The directness of visual scanpath is more random in the high clutter than in the low clutter condition.
An individual’s tolerance of risk can be quantified by using decision models with tuned parameters that maximally fit a set of risky choices the individual has made. A goal of this model fitting ...procedure is to identify parameters that correspond to stable underlying risk preferences. These preferences can be modeled as an individual difference, indicating a particular decision maker’s tastes and willingness to accept risk. Using hierarchical statistical methods, we show significant improvements in the reliability of individual risk preference parameter estimates over other common methods for cumulative prospect theory. This hierarchical procedure uses population-level information (in addition to an individual’s choices) to break “ties” (or near ties) in the fit quality for sets of possible risk preference parameters. By breaking these statistical ties in a sensible way, researchers can avoid overfitting choice data and thus more resiliently measure individual differences in people’s risk preferences.
This paper was accepted by Yuval Rottenstreich, judgment and decision making
.
There is a large body of evidence showing that a substantial proportion of people cooperate in public goods games, even if the situation is one-shot and completely anonymous. In the present study, we ...bring together two major endogenous factors that are known to affect cooperation levels, and in so doing replicate and extend previous empirical research on public goods problems in several important ways. We measure social preferences and concurrently elicit beliefs on the individual level using multiple methods, and at multiple times during the experiment. With this rich set of predictor variables at the individual level, we test how well individual contribution decisions can be accounted for in both a one-shot and a repeated interaction. We show that when heterogeneity in people's preferences and beliefs is taken into consideration, more than 50% of the variance in individual choice behavior can be explained. Furthermore, we show that people do not only update their beliefs in a repeated public goods game, but also that their social preferences change, to some extent, in response to the choices of other decision makers.
Reciprocity as an Individual Difference Ackermann, Kurt A.; Fleiß, Jürgen; Murphy, Ryan O.
The Journal of conflict resolution,
03/2016, Letnik:
60, Številka:
2
Journal Article
Recenzirano
Odprti dostop
There is accumulating evidence that decision makers (DMs) are sensitive to the distribution of resources among themselves and others, beyond what is expected from the predictions of narrow ...self-interest. These social preferences are typically conceptualized as being static and existing independently of information about the other people influenced by a DM's allocation choices. In this article, we consider the reactivity of a DM's social preferences in response to information about the intentions or past behavior of the person to be affected by the DM's allocation choices (i.e., how do social preferences change in relation to the other's type). This article offers a conceptual framework for characterizing the link between distributive preferences and reciprocity, and reports on experiments in which these two constructs are disentangled and the relation between the two is characterized.
Humans are social animals, but not everyone will be mindful of others to the same extent. Individual differences have been found, but would social mindfulness also be shaped by one's location in the ...world? Expecting cross-national differences to exist, we examined if and how social mindfulness differs across countries. At little to no material cost, social mindfulness typically entails small acts of attention or kindness. Even though fairly common, such low-cost cooperation has received little empirical attention. Measuring social mindfulness across 31 samples from industrialized countries and regions (
= 8,354), we found considerable variation. Among selected country-level variables, greater social mindfulness was most strongly associated with countries' better general performance on environmental protection. Together, our findings contribute to the literature on prosociality by targeting the kind of everyday cooperation that is more focused on communicating benevolence than on providing material benefits.
Message Framing and Perinatal Decisions Haward, Marlyse F; Murphy, Ryan O; Lorenz, John M
Pediatrics (Evanston),
07/2008, Letnik:
122, Številka:
1
Journal Article
Recenzirano
The purpose of this study was to explore the effect of information framing on parental decisions about resuscitation of extremely premature infants. Secondary outcomes focused on elucidating the ...impact of other variables on treatment choices and determining whether those effects would take precedence over any framing effects.
This confidential survey study was administered to adult volunteers via the Internet. The surveys depicted a hypothetical vignette of a threatened delivery at gestational age of 23 weeks, with prognostic outcome information framed as either survival with lack of disability (positive frame) or chance of dying and likelihood of disability among survivors (negative frame). Participants were randomly assigned to receive either the positively or negatively framed vignette. They were then asked to choose whether they would prefer resuscitation or comfort care. After completing the survey vignette, participants were directed to a questionnaire designed to test the secondary hypothesis and to explore possible factors associated with treatment decisions.
A total of 146 subjects received prognostic information framed as survival data and 146 subjects received prognostic information framed as mortality data. Overall, 24% of the sample population chose comfort care and 76% chose resuscitation. A strong trend was detected toward a framing effect on treatment preference; respondents for whom prognosis was framed as survival data were more likely to elect resuscitation. This framing effect was significant in a multivariate analysis controlling for religiousness, parental status, and beliefs regarding the sanctity of life. Of these covariates, only religiousness modified susceptibility to framing; participants who were not highly religious were significantly more likely to be influenced to opt for resuscitation by the positive frame than were participants who were highly religious.
Framing bias may compromise efforts to approach prenatal counseling in a nondirective manner. This is especially true for subsets of participants who are not highly religious.
The Prisoner's Dilemma (PD) is a classic decision problem where 2 players simultaneously must decide whether to cooperate or to act in their own narrow self-interest. The PD game has been used to ...model many naturally occurring interactive situations, at the personal, organizational, and social levels, in which there exists a tension between individual material gain and the common good. At least 2 factors may influence the emergence of cooperative behavior in this well-known collective action problem: the incentive structure of the game itself, and the intrinsic social preferences of each of the players. We present a framework that integrates these 2 factors in an effort to account for patterns of high or low cooperation from repeated choice interactions. In an experiment using a collection of different PD games, and a measure of individual social preferences, we identify regions of PD games in which (a) cooperation is independent of social preferences; (b) nice people can be exploited; and (c) being nice is consistently rewarded.
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