Search Results - subject:"experience-description gap"

Noisy retrievers and the four-fold reaction to rare events

Marchiori, Davide; Guida, Sibilla Di; Erev, Ido - Dipartimento di Management, Università Ca' Foscari Venezia - 2013

Previous research documents two pairs of inconsistent reactions to rare events: 1) Studies of probability judgment reveal conservatism which implies overestimation of rare events, and overconfidence which implies underestimation of rare events. 2) Studies of choice behavior reveal overweighting...

Persistent link: https://www.econbiz.de/10010643629

The reinforcing value of lottery tickets, and the synergetic effect of distinct reinforcements

Luria, Adi; Erev, Ido; Haruvy, Ernan - In: Journal of behavioral decision making 30 (2017) 2, pp. 533-540

Persistent link: https://www.econbiz.de/10011634848

Information asymmetry in decision from description versus decision from experience

Hadar, Liat; Fox, Craig R. - In: Judgment and Decision Making 4 (2009) 4, pp. 317-325

explicitly described). We find that the experience-description gap is not as robust as has been previously assumed. We argue that … high-probability gains, as in description-based decision making. Second, we find that the experience-description gap for … experience-description gap for high-probability outcomes is pronounced when decision makers previously experience lotteries that …

Persistent link: https://www.econbiz.de/10005004673

The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite

Kaufmann, Christine; Weber, Martin; Haisley, Emily - In: Management Science 59 (2013) 2, pp. 323-340

Financial professionals have a great deal of discretion concerning how to relay information about the risk of financial products to their clients. This paper introduces a new risk tool to communicate the risk of investment products, and it examines how different risk-presentation modes influence...

Persistent link: https://www.econbiz.de/10010990536