"Decisions from experience" = sampling error + prospect theory
According to prospect theory, people overweight low probability events and underweight high probability events. Several recent papers (notably, Hertwig, Barron, Weber and Erev, 2004) have argued that although this pattern holds for ``description-based'' decisions, in which people are expli...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Society for Judgment and Decision Making
2006-11-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/jdm06144.pdf |