Decision Context, Associative Learning and Preference Formation in Risky Choice

Kusev, Petko, Love, Bradley and van Schaik, Paul (2015) Decision Context, Associative Learning and Preference Formation in Risky Choice. In: 56th Annual Meeting of the Psychonomic Society, 19-22nd November 2015, Chicago, USA. (Unpublished)

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Abstract

Despite all the differences offered in theories of utility formation and decisions from experience/
descriptions, they share common assumption – decision makers have stable and coherent preferences, informed by consistent use of psychological strategy/processing (computational or sampling) that guide their choices between
alternatives varying in risk and reward. In contrast, we argue for the non-existence of stable risk preferences; we propose that risk preferences are constructed dynamically based on strategy selection as a reinforcement-learning model. Accordingly, we found that decision context and
associative learning predict strategy selection and govern risky preferences; rather having fixed preferences for risk, people select decision strategies from current context and learn to select decision strategies that are most successful (in terms of effort and reward) for a given context

Item Type:	Conference or Workshop Item (Paper)
Additional Information:	Abstracts published in Abstracts of the Psychonomic Society
Subjects:	B Philosophy. Psychology. Religion > BF Psychology
Schools:	Huddersfield Business School
Related URLs:	Conference Conference
Depositing User:	Sharon Beastall
Date Deposited:	14 Jun 2017 10:58
Last Modified:	27 Mar 2018 15:45
URI:	http://eprints.hud.ac.uk/id/eprint/32234

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