Feedback influences discriminability and attractiveness components of probability weighting in descriptive choice under risk

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dc.contributor.author Goyal, Shruti
dc.contributor.author Miyapuram, Krishna Prasad
dc.date.accessioned 2019-04-24T06:26:17Z
dc.date.available 2019-04-24T06:26:17Z
dc.date.issued 2019-04
dc.identifier.citation Goyal, Shruti and Miyapuram, Krishna P., �Feedback influences discriminability and attractiveness components of probability weighting in descriptive choice under risk�, Frontiers in Psychology, DOI: 10.3389/fpsyg.2019.00962, vol. 10, Apr. 2019. en_US
dc.identifier.uri https://doi.org/10.3389/fpsyg.2019.00962
dc.identifier.uri https://repository.iitgn.ac.in/handle/123456789/4393
dc.description.abstract Our understanding of the decisions made under scenarios where both descriptive and experience-based information are available is very limited. Underweighting of small probabilities was observed in the gain domain when both description and experience were provided. The divergence observed from the prospect theory suggests a need for a separate or modified theory of decision making under risk. Recent studies suggest a possible role of probability weighting in the choice behaviour under risk. We investigated both gain and loss domains with and without feedback for small and large probability conditions. We characterized the shape of the probability weighting function by a two-parameter functional form representing discriminability (concave-convex shape) and attractiveness (level of absolute weights relative to objective probability). We replicated four-fold pattern of risk attitude on non-WEIRD population. We find that feedback leads to underweighting of small probabilities and overweighting of large probabilities in the gain domain and overall underweighting of probabilities in the loss domain. We find that underweighting of small probabilities is driven by changes in discriminability and attractiveness components in the gain domain and changes in the attractiveness component in the loss domain. We have interpreted the results by proposing an updated belief-based account of decisions under uncertainty in which feedback, when available, influences the probability weighting mediating the choice behaviour.
dc.description.statementofresponsibility by Shruti Goyal and Krishna P. Miyapuram
dc.format.extent vol. 10
dc.language.iso en en_US
dc.publisher Frontiers Media en_US
dc.subject Risk en_US
dc.subject Descriptive choice en_US
dc.subject Feedback en_US
dc.subject probability weighting en_US
dc.subject Prospect Theory en_US
dc.subject Discriminability en_US
dc.subject Attractiveness en_US
dc.subject Description-Experience en_US
dc.title Feedback influences discriminability and attractiveness components of probability weighting in descriptive choice under risk en_US
dc.type Article en_US
dc.relation.journal Frontiers in Psychology


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