Search Results - subject:"description-based decisions"

Description-based and experience-based decisions: individual analysis

Kudryavtsev, Andrey; Pavlodsky, Julia - In: Judgment and Decision Making 7 (2012) 3, pp. 316-331

We analyze behavior in two basic classes of decision tasks: description-based and experience-based. In particular, we compare the prediction power of a number of decision learning models in both kinds of tasks. Unlike most previous studies, we focus on individual, rather than aggregate,...

Persistent link: https://www.econbiz.de/10010550652

Experienced vs. Described Uncertainty: Do We Need Two Prospect Theory Specifications?

Abdellaoui, Mohammed; L'Haridon, Olivier; Paraschiv, Corina - In: Management Science 57 (2011) 10, pp. 1879-1895

through sampling before choice. For description-based decisions, our results are fully consistent with prospect theory …, our data suggest that, for gains at least, the subjective treatment of uncertainty in experience-based and description-based … decisions is significantly different. More specifically, we observe a less pronounced overweighting of small probabilities and a …

Persistent link: https://www.econbiz.de/10010990473