A Fuzzy-Trace Theory of Risk and Time Preferences in Decision Making: Integrating Cognition and Motivation

Rahimi-Golkhandan, Shahin; Garavito, David M. N.; Reyna-Brainerd, Bertrand B.; Reyna, Valerie F.

doi:10.1007/978-3-319-51721-6_4

Cited by 7 publications

(11 citation statements)

References 119 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Because intertemporal choices are implicated in critical parts of individual and societal well-being-including physical and mental health (Story et al, 2014;Amlung et al, 2017;Bickel et al, 2019), financial decisions (Kim & McKinnon, 2020), and environmental sustainability (Hardisty & Weber, 2009)understanding the cognitive processes of these choices can allow us to frame them in a way that may nudge people into making better decisions. For example, fuzzy trace theory and query theory predict that making certain attributes more salient or presenting attributes in a particular order can influence cognitive processing and thus choice (Weber et al, 2007;Rahimi-Golkhandan et al, 2017). Here, we argue that varying the numerical framing of attributes of intertemporal choices can alter similarity judgments, thereby influencing intertemporal choice.…”

Section: Introductionmentioning

confidence: 83%

Framing attributes in similarity judgments and intertemporal choices

Stevens¹,

Cully²,

Goh³

2021

Preprint

View full text Add to dashboard Cite

Similarity models provide an alternative approach to intertemporal choice. Instead of calculating an overall value for options, decision makers compare the similarity of option attributes and make a decision based on similarity. Similarity judgments for reward amounts and time delays depend on both the numerical difference (x2-x1) and ratio (x1/x2) of quantitative values. Changing units of these attribute values (e.g., days vs. weeks) can alter the numerical difference while maintaining the ratio. For example, framing a pair of delays in the unit of weeks (1 vs. 2) or days (7 vs. 14) both result in a ratio of 1/2. Yet the numerical difference between the delays differs depending on the unit (1 for weeks and 7 for days). Here we had participants make similarity judgments and intertemporal choices with amounts framed as dollars or cents and delays framed as days or weeks. We predicted that they units of amounts and delays would influence similarity judgments which would then influence intertemporal choices. We found that participants judged amounts framed as cents as less similar than dollars, and this resulted in more patient intertemporal choices. Additionally, they judged delays framed as weeks as more similar than days, but the framing did not influence choice. These findings suggest that the units in which amounts and delays are framed can influence their similarity judgments, which can shape intertemporal choices. These unit effects may guide stakeholders in framing aspects of intertemporal choices in different units to nudge decision makers into either more impulsive or patient choice.

show abstract

Section: Introductionmentioning

confidence: 83%

Framing attributes in similarity judgments and intertemporal choices

Stevens¹,

Cully²,

Goh³

2021

Preprint

View full text Add to dashboard Cite

show abstract

“…Decisions about risk have classically been analyzed as tradeoffs between risk and reward (see Rahimi-Golkhandan et al, 2017).…”

Section: Fuzzy-trace Theorymentioning

confidence: 99%

Socioeconomic status and concussion reporting: The distinct and mediating roles of gist processing, knowledge, and attitudes

Ajayi

Garavito

Reyna

2021

Behavioral Decision Making

Self Cite

View full text Add to dashboard Cite

Improving health outcomes for concussed athletes and others requires self-reporting symptoms; not reporting risks second-impact syndrome and death. However, concussions in adolescents and young adults are often underreported. We treat reporting as a risky decision, extending predictions of fuzzy-trace theory (FTT). We hypothesize that low SES indirectly interferes with the development of cognitive skills that reduce unhealthy risky decision making. Specifically, we expect that SES may be related to intentions to report a concussion because low SES delays development of cognitive gist processing that reduces risk-taking. Adolescents in high-school and young adults in college (n = 1211) answered questions about concussion knowledge, concussion attitudes, and cognitive scales based on FTT: categorical thinking and endorsement of gist principles about risk. Overall, for each of the two age groups, and for athletes as well as nonathletes, SES was associated with reporting intentions, and this association was mediated by the three psychological predictors we tested: gist processing, concussion knowledge, and concussion attitudes. Results are consistent with lower SES reducing opportunities for normative cognitive development, the latter characterized by developmental increases in gist processing about risk. Hence, consistent with hypotheses, gist processing, concussion knowledge, and healthier attitudes about concussions were each associated with greater intentions to report concussions. Although educational initiatives currently focus on rote knowledge and healthy attitudes, future interventions to reduce concussion underreporting could benefit from explaining the gist of risk, especially to low SES youth, adapting successful FTT-based risk-reduction curricula from other domains.

show abstract

“…Fuzzy Trace Theory (FTT) [4], [6] basically is a theory of cognition suggested by the psychologist Charles Brainerd in 1990's. According to this theory, when a decision maker is presented with information, the information processing takes place through two types of representations namely verbatim representation and gist representation.…”

Section: B Fuzzy Trace Theorymentioning

confidence: 99%

“…In this stage, we take a cognitive approach by taking into account the interaction between decision conditions and subjective utility values. We use the significant principles of Fuzzy Trace Theory (FTT) [4], [6] to confirm our tentative decision. A decision maker reviews the whole process of decision making with reference to the gist representation of the issue concerned.…”

Section: H Confirmation With the Tentative Decisionmentioning

confidence: 99%

See 1 more Smart Citation

Retreat: Fuzzy Multi-Criteria Decision Making Based on Pros and Cons

Minj¹,

Pathinathan²

2019

IJRTE

View full text Add to dashboard Cite

We introduce a new fuzzy multi-criteria decision making method using interval type-2 pentagonal fuzzy numbers. We propose to incorporate pros and cons of an issue to arrive at better decision. The necessary concepts and terminologies are defined. The proposed decision method consists of three stages. We use a prioritized interval type-2 pentagonal fuzzy aggregation operator to arrive at a tentative decision in the second stage. We use the existing concept of synthesis value and define a new suitable formula in order to accommodate fuzzy decision environment with pros and cons of an issue. A formula to combine the de-fuzzified pro-value and con-value of an alternative is proposed and the same is used to rank the alternatives. We further introduce concept of consolation score to align the final decision with the gut level of a decision maker. The fuzzy concepts such as fuzzy relations and fuzzy trace theory are employed to arrive at consolation score. This newly proposed fuzzy multi-criteria decision making method is a comprehensive and complete approach to a decision problem particularly concerning life-issues.

show abstract

A Fuzzy-Trace Theory of Risk and Time Preferences in Decision Making: Integrating Cognition and Motivation

Cited by 7 publications

References 119 publications

Framing attributes in similarity judgments and intertemporal choices

Framing attributes in similarity judgments and intertemporal choices

Socioeconomic status and concussion reporting: The distinct and mediating roles of gist processing, knowledge, and attitudes

Retreat: Fuzzy Multi-Criteria Decision Making Based on Pros and Cons

Contact Info

Product

Resources

About