Evidence for a "risky drift" in choice under uncertainty

Harrison, David A.; Holtgrave, David R.; Rivero, J. Carlos

doi:10.1037/e722822011-020

Cited by 1 publication

(1 citation statement)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Recently, researchers investigating decision making under time pressure have shown that choice probabilities systematically change as a function of the time limit set by the experimenter (Ben Zur & Breznitz, 1981; Busemeyer, 1985; Harrison, Holtgrave, & Rivero, 1990; Wallsten & Barton, 1982; Wright, 1974). In fact, the probability of choosing an action can be moved from below .50 to above .50 (or vice versa) simply by manipulating time pressure (Ben Zur & Breznitz, 1981; Busemeyer, 1985, Experiment 2; Svenson & Edland, 1987).…”

Section: Two Fundamental Properties Of Human Decision-making Behaviormentioning

confidence: 99%

Decision field theory: A dynamic-cognitive approach to decision making in an uncertain environment.

Busemeyer¹,

Townsend²

1993

Psychological Review

1,737

1,504

View full text Add to dashboard Cite

Decision field theory provides for a mathematical foundation leading to a dynamic, stochastic theory of decision behavior in an uncertain environment. This theory is used to explain (a) violations of stochastic dominance, (b) violations of strong stochastic transitivity, (c) violations of independence between alternatives, (d) serial position effects on preference, (e) speed-accuracy trade-off effects in decision making, (f) the inverse relation between choice probability and decision time, (g) changes in the direction of preference under time pressure, (h) slower decision times for avoidance as compared with approach conflicts, and (i) preference reversals between choice and selling price measures of preference. The proposed theory is compared with 4 other theories of decision making under uncertainty.

show abstract