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| Publications of John W. Payne :recent first alphabetical combined listing:%% Journal Articles @article{fds275505, Author = {Braunstein, ML and Payne, JW}, Title = {Perspective and the rotating trapezoid.}, Journal = {Journal of the Optical Society of America}, Volume = {58}, Number = {3}, Pages = {399-403}, Year = {1968}, Month = {March}, ISSN = {0030-3941}, url = {http://dx.doi.org/10.1364/josa.58.000399}, Doi = {10.1364/josa.58.000399}, Key = {fds275505} } @article{fds275538, Author = {Braunstein, ML and Payne, JW}, Title = {Perspective and form ratio as determinants of relative slant judgments}, Journal = {Journal of Experimental Psychology}, Volume = {81}, Number = {3}, Pages = {584-590}, Publisher = {American Psychological Association (APA)}, Year = {1969}, Month = {September}, ISSN = {0022-1015}, url = {http://dx.doi.org/10.1037/h0027886}, Abstract = {Elicited judgments of relative slant by a paired-comparison method from 24 undergraduates Ss in each of 3 experiments. The stimuli were computer-generated slides representing regular dot patterns (Exp. I), regular line patterns (Exp. II), or random dot patterns (Exp. III) rotated about a horizontal axis. The ratio of horizontal to vertical separations (form ratio) and perspective were independently varied in Exp. I and II. Perspective clearly dominated slant judgments when in conflict with form ratio as an indicator of degree of slant. Perspective alone was varied in Exp. III and was found to be less effective in determining slant judgments for random dot patterns. The equivalence of perspective and optical theta as explanations of slant perception is discussed. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1969 American Psychological Association.}, Doi = {10.1037/h0027886}, Key = {fds275538} } @article{fds275539, Author = {Payne, JW and Braunstein, ML}, Title = {Preferences among gambles with equal underlying distributions}, Journal = {Journal of Experimental Psychology}, Volume = {87}, Number = {1}, Pages = {13-18}, Publisher = {American Psychological Association (APA)}, Year = {1971}, Month = {January}, ISSN = {0022-1015}, url = {http://dx.doi.org/10.1037/h0030194}, Abstract = {Explored the relative merit of risk dimension (probabilities of winning and losing, and amounts to be won or lost) and moment (expected value, variance, and skewness) explanations of decision making under risk, using pairs of specially constructed duplex gambles. Ss were 40 undergraduates. The explicit (displayed) probability values were different for each gamble in a pair, but the underlying distributions were identical. Preferences among these gambles were related to relationships among the displayed probabilities. This supports the concept of gambles as multidimensional stimuli to which Ss respond on the basis of displayed values on a set of risk dimensions. A preliminary model of the decision process is presented in flow-chart form. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1971 American Psychological Association.}, Doi = {10.1037/h0030194}, Key = {fds275539} } @article{fds275541, Author = {Payne, JW}, Title = {Alternative approaches to decision making under risk: Moments versus risk dimensions}, Journal = {Psychological Bulletin}, Volume = {80}, Number = {6}, Pages = {439-453}, Publisher = {American Psychological Association (APA)}, Year = {1973}, Month = {December}, ISSN = {0033-2909}, url = {http://dx.doi.org/10.1037/h0035260}, Abstract = {Suggests that the literature on individual decision making under risk is characterized by 2 approaches to the description of gambles. The 1st describes gambles as probability distributions over sets of outcomes. Models of decision making developed within this approach have concentrated on the moments of the distributions as the primary determinants of risky decision behavior. The 2nd approach describes gambles as multidimensional stimuli which may be conceptualized in terms of basic risk dimensions, (e.g., probability of winning, amount to win, probability of losing, and amount to lose). This approach views risky decision behavior as a form of information processing. The relative merits of explanations derived from each approach are discussed. It is argued that the risk dimension approach appears more promising than that based on moments of the underlying probability distribution. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1973 American Psychological Association.}, Doi = {10.1037/h0035260}, Key = {fds275541} } @article{fds275540, Author = {Payne, JW}, Title = {Relation of perceived risk to preferences among gambles}, Journal = {Journal of Experimental Psychology. Human Perception and Performance}, Volume = {1}, Number = {1}, Pages = {86-94}, Publisher = {American Psychological Association (APA)}, Year = {1975}, Month = {January}, ISSN = {0096-1523}, url = {http://dx.doi.org/10.1037/0096-1523.1.1.86}, Abstract = {Investigated the concept of risk and its role in determining preferences, using pairs of specifically constructed 3-outcome gambles. Ss were 47 undergraduates. The risk dimensions, probabilities of winning and losing, and amounts to be won or lost were different for each gamble in a pair, but the expected values and variances were approximately equal. The probability of losing was most important in determining judged risk. The likelihood that the more risky gamble in a pair would be chosen as the preferred gamble was related to the probability relationship within the gambles in a pair. The relative importance of the probabilities and amounts in preference choices was also contingent on the probability relationships. Amounts were more closely associated with preference choices when the probability of winning was greater than the probability of losing within each gamble, and the probabilities were more closely associated with the choices when the probability of winning was less than the probability of losing. The relevance of these findings to other theories of risk and the evidence for contingent processing of information in risky decision making are discussed. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1975 American Psychological Association.}, Doi = {10.1037/0096-1523.1.1.86}, Key = {fds275540} } @article{fds275526, Author = {Payne, JW}, Title = {Heuristic search processes in decision making}, Booktitle = {Advances in Consumer Research, Vol. 3}, Year = {1976}, Key = {fds275526} } @article{fds275527, Author = {Payne, JW and Carroll, JS}, Title = {The psychology of the parole decision process}, Booktitle = {Cognition and social behavior}, Publisher = {Lawrence Erlbaum Associates}, Year = {1976}, Key = {fds275527} } @article{fds275542, Author = {Payne, JW}, Title = {Task complexity and contingent processing in decision making: An information search and protocol analysis}, Journal = {Organizational Behavior and Human Performance}, Volume = {16}, Number = {2}, Pages = {366-387}, Publisher = {Elsevier BV}, Year = {1976}, Month = {January}, ISSN = {0030-5073}, url = {http://dx.doi.org/10.1016/0030-5073(76)90022-2}, Abstract = {Two process tracing techniques, explicit information search and verbal protocols, were used to examine the information processing strategies subjects use in reaching a decision. Subjects indicated preferences among apartments. The number of alternatives available and number of dimensions of information available was varied across sets of apartments. When faced with a two alternative situation, the subjects employed search strategies consistent with a compensatory decision process. In contrast, when faced with a more complex (multialternative) decision task, the subjects employed decision strategies designed to eliminate some of the available alternatives as quickly as possible and on the basis of a limited amount of information search and evaluation. The results demonstrate that the information processing leading to choice will vary as a function of task complexity. An integration of research in decision behavior with the methodology and theory of more established areas of cognitive psychology, such as human problem solving, is advocated. © 1976.}, Doi = {10.1016/0030-5073(76)90022-2}, Key = {fds275542} } @article{fds275525, Author = {Payne, JW and Carroll, JS}, Title = {Judgments about crime and the criminal: A model and a method for investigating parole decisions}, Booktitle = {Perspectives in law and psychology. Volume I: The criminal justice system}, Publisher = {Plenum}, Editor = {Sales, BD}, Year = {1977}, Key = {fds275525} } @article{fds275543, Author = {Carroll, JS and Payne, JW}, Title = {Crime seriousness, recidivism risk, and causal attributions in judgments of prison term by students and experts}, Journal = {The Journal of Applied Psychology}, Volume = {62}, Number = {5}, Pages = {595-602}, Publisher = {American Psychological Association (APA)}, Year = {1977}, Month = {October}, ISSN = {0021-9010}, url = {http://dx.doi.org/10.1037/0021-9010.62.5.595}, Abstract = {Two important factors in determining the assignment of prison term are crime seriousness and risk of recidivism. Although seriousness can be judged from the crime category, risk judgments require further details about the offense and the offender. 64 college students and 24 expert parole decision makers evaluated brief crime reports containing crime descriptions and background information about the offender's life circumstances. Students and experts inferred offense seriousness from the crime descriptions, but they inferred risk of future crimes from the background information. Agreement was highest for offense severity derived from the crime descriptions. Differences of opinion seemed to reflect the experts' specific knowledge about crimes and criminals. A classification of the background information in terms of the attributional dimensions of internal vs external and stable vs unstable causes of the crime was successful for predicting students' responses, but not those of the experts. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1977 American Psychological Association.}, Doi = {10.1037/0021-9010.62.5.595}, Key = {fds275543} } @article{fds275545, Author = {Payne, JW and Braunstein, ML and Carroll, JS}, Title = {Exploring predecisional behavior: An alternative approach to decision research}, Journal = {Organizational Behavior and Human Performance}, Volume = {22}, Number = {1}, Pages = {17-44}, Publisher = {Elsevier BV}, Year = {1978}, Month = {January}, ISSN = {0030-5073}, url = {http://dx.doi.org/10.1016/0030-5073(78)90003-X}, Abstract = {A trend in the study of decision behavior is the increased emphasis being placed on understanding the psychological processes underlying observed judgments or choices. Unfortunately, the input-output analyses that have been used by most decision researchers do not appear fully adequate to develop and test process models of decision behavior. It is argued that data collection methods are needed that will yield data on predecisional behavior in order to identify what information a decision maker has and how it is being processed. Two such process tracing methods, verbal protocol analysis and the analysis of information acquisition behavior, which should be especially valuable in decision research are illustrated and discussed. The process tracing approach appears to be a valuable complement to more traditional model fitting approaches to the study of decision behavior. The value of a multimethod approach is also illustrated and discussed. © 1978.}, Doi = {10.1016/0030-5073(78)90003-X}, Key = {fds275545} } @article{fds275544, Author = {Payne, JW and Braunstein, ML}, Title = {Risky choice: An examination of information acquisition behavior.}, Journal = {Memory & Cognition}, Volume = {6}, Number = {5}, Pages = {554-561}, Year = {1978}, Month = {September}, ISSN = {0090-502X}, url = {http://dx.doi.org/10.3758/bf03198244}, Abstract = {The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered.}, Doi = {10.3758/bf03198244}, Key = {fds275544} } @article{fds275523, Author = {Payne, JW}, Title = {Information processing theory: Some concepts and methods applied to decision research}, Booktitle = {Cognitive processes in choice and decision behavior}, Publisher = {Lawrence Erlbaum Associates}, Year = {1980}, Key = {fds275523} } @article{fds275524, Author = {Payne, JW and Crum, R and Laughhunn, D}, Title = {Risk preference: Empirical evidence and its implications for capital budgeting}, Booktitle = {Financing Issues in Corporate Project Selection}, Publisher = {Nyenrode Studies in Business}, Editor = {Dekinderen, GJ and Crum, R}, Year = {1980}, Key = {fds275524} } @article{fds275555, Author = {Payne, JW and Laughhunn, DJ and Crum, R}, Title = {TRANSLATION OF GAMBLES AND ASPIRATION LEVEL EFFECTS IN RISKY CHOICE BEHAVIOR.}, Journal = {Management Science}, Volume = {26}, Number = {10}, Pages = {1039-1060}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {1980}, Month = {January}, url = {http://dx.doi.org/10.1287/mnsc.26.10.1039}, Abstract = {Two recent models of risky decision-making have emphasized the importance of a target return or a reference point in determining preferences and choices among gambles. Target returns and reference points represent variations on the concept of an aspiration level, an old idea in theories of decision-making. Additional evidence on the need to incorporate such a concept in the analysis of risky choice behavior is presented. In three experiments, the relationship of pairs of gambles to an assumed reference point was varied by adding or subtractng a constant amount from all outcomes. The results demonstrate that such translations of outcomes can result in the reversal of choice within pairs of gambles.}, Doi = {10.1287/mnsc.26.10.1039}, Key = {fds275555} } @article{fds275556, Author = {Laughhunn, DJ and Payne, JW and Crum, R}, Title = {MANAGERIAL RISK PREFERENCES FOR BELOW-TARGET RETURNS.}, Journal = {Management Science}, Volume = {26}, Number = {12}, Pages = {1238-1249}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {1980}, Month = {January}, url = {http://dx.doi.org/10.1287/mnsc.26.12.1238}, Abstract = {A report is presented on the risk preferences for below target returns of 224 managers from the U. S. , Canada, and Europe. When only non-ruinous losses were involved, 71% of the managers were risk seeking for below target returns. The distribution of risk preferences tended to be stable over a wide range of experimental conditions: diversity of background of the managers, the size of outcomes below target, and the context of the decision process (personal versus managerial). When ruinous losses were introduced for 75 of the managers, 64% switched to risk averse behavior. Empirical findings concerning the relationship between risk preferences for below target returns and several demographic characteristics of managers are also reported.}, Doi = {10.1287/mnsc.26.12.1238}, Key = {fds275556} } @article{fds315074, Author = {Crum, RL and Laughhunn, DJ and Payne, JW}, Title = {Risk-Seeking Behavior and Its Implications for Financial Models}, Journal = {Financial Management}, Volume = {10}, Number = {5}, Pages = {20-20}, Publisher = {WILEY}, Year = {1981}, ISSN = {0046-3892}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1981MW69600003&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Doi = {10.2307/3664851}, Key = {fds315074} } @article{fds315073, Author = {Payne, JW and Laughhunn, DJ and Crum, R}, Title = {Note—Further Tests of Aspiration Level Effects in Risky Choice Behavior}, Journal = {Management Science}, Volume = {27}, Number = {8}, Pages = {953-958}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {1981}, Month = {August}, ISSN = {0025-1909}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1981ME56100009&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Abstract = {<jats:p> This Note extends the work reported in Payne, Laughhunn, and Crum (Payne, J. W., D. J. Laughhunn, R. Crum. 1980. Translation of gambles and aspiration level effects in risky choice behavior. Management Sci. 26 1039–1060.) on the need to incorporate a target return, reference point, or aspiration level concept in the analysis of risky choice behavior. Two experiments are reported. The first experiment provides a more complete test of the model of reference point effects developed by Payne, Laughhunn, and Crum. A translation of outcomes procedure, which adds a constant to all outcomes, was used to vary the relationship of pairs of gambles to an assumed target or reference point. The results fully support the model. The second experiment provides evidence of the conceptual validity of the model by using explicit instructions to vary the target levels of managers, while holding gamble values constant. </jats:p>}, Doi = {10.1287/mnsc.27.8.953}, Key = {fds315073} } @article{fds275522, Author = {Payne, JW}, Title = {Applications of information processing and decision theories: A discussion}, Booktitle = {New Directions in Decision Making: An Interdisciplinary Approach to the Study of Organization,}, Publisher = {Kent}, Editor = {Ungson, GR and Braunstein, DN}, Year = {1982}, Key = {fds275522} } @article{fds315072, Author = {Huber, J and Payne, JW and Puto, C}, Title = {Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis}, Journal = {Journal of Consumer Research}, Volume = {9}, Number = {1}, Pages = {90-90}, Publisher = {Oxford University Press (OUP)}, Year = {1982}, Month = {June}, ISSN = {0093-5301}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1982NT65600008&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Doi = {10.1086/208899}, Key = {fds315072} } @article{fds275546, Author = {Payne, JW}, Title = {Contingent decision behavior}, Journal = {Psychological Bulletin}, Volume = {92}, Number = {2}, Pages = {382-402}, Year = {1982}, Month = {September}, ISSN = {0033-2909}, url = {http://dx.doi.org/10.1037/0033-2909.92.2.382}, Abstract = {Reviews the literature showing the effects of task and context variables on decision behavior and evaluates alternative theories for handling task and context effects. These frameworks include (a) cost/benefit principles, (b) perceptual processes, and (c) adaptive production systems. Both the cost/benefit and perceptual frameworks are shown to have strong empirical support but unresolved conceptual problems. The production system framework has less direct support but has the desirable property of containing elements of both of the other frameworks. Research is discussed in terms of variables encountered by the decision maker: task complexity, response mode, information display, agenda effects, similarity of alternatives, and the quality of the option set. (91 ref) (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1982 American Psychological Association.}, Doi = {10.1037/0033-2909.92.2.382}, Key = {fds275546} } @article{fds315071, Author = {Laughhunn, DJ and Crum, RL and Payne, JW}, Title = {Risk Attitudes in the Telecommunications Industry}, Journal = {The Bell Journal of Economics}, Volume = {14}, Number = {2}, Pages = {517-517}, Publisher = {JSTOR}, Year = {1983}, ISSN = {0361-915X}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1983SH00700019&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Doi = {10.2307/3003652}, Key = {fds315071} } @article{fds315070, Author = {Payne, JW and Laughhunn, DJ}, Title = {The Impact of Sunk Outcomes on Risky Choice Behavior}, Journal = {Infor}, Volume = {22}, Pages = {151-181}, Year = {1984}, Key = {fds315070} } @article{fds275557, Author = {Payne, JW and Laughhunn, DJ and Crum, R}, Title = {MULTIATTRIBUTE RISKY CHOICE BEHAVIOR: THE EDTING OF COMPLEX PROSPECTS.}, Journal = {Management Science}, Volume = {30}, Number = {11}, Pages = {1350-1361}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {1984}, Month = {January}, url = {http://dx.doi.org/10.1287/mnsc.30.11.1350}, Abstract = {This investigation draws upon concepts from prospect theory and multiattribute utility theory in an examination of the multiattribute risky choice behavior of 128 managers. The questions of how managers edit multiatribute prospects and how editing relates to various independence assumptions were explored. The major result is that managers appear to violate attribute independence in its general form, and especially in the form of the marginality assumption. The most common form of behavior observed was multiattibute risk aversion for prospects involving only gains and multiattribute risk seeking for proposects involving only losses.}, Doi = {10.1287/mnsc.30.11.1350}, Key = {fds275557} } @article{fds275521, Author = {Payne, JW}, Title = {Psychology of risky decisions}, Booktitle = {Behavioral Decision Making}, Publisher = {Plenum}, Editor = {Wright, G}, Year = {1985}, Key = {fds275521} } @article{fds275547, Author = {Johnson, EJ and Payne, JW}, Title = {EFFORT AND ACCURACY IN CHOICE.}, Journal = {Management Science}, Volume = {31}, Number = {4}, Pages = {395-414}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {1985}, Month = {January}, url = {http://dx.doi.org/10.1287/mnsc.31.4.395}, Abstract = {It has been hypothesized that strategy selection is, in part, a function of (1) the ability of a strategy to produce an accurate response and (2) the strategy's demand for mental resources or effort. The authors examine effort and accuracy and their role in strategy selection. Several strategies that may be used to make choices under risk are simulated using a production system framework. This framework allows the estimation of the effort required to use the strategy in a choice environment, while simultaneously measuring its accuracy relative to a normative model. A series of Monte-Carlo studies varied several aspects of the choice environments, including the complexity of the task and the presence or absence of dominated alternatives. These simulations identify strategies which approximate the accuracy of normative procedures while requiring substantially less effort.}, Doi = {10.1287/mnsc.31.4.395}, Key = {fds275547} } @article{fds275520, Author = {Payne, JW and Johnson, EJ}, Title = {The decision to commit a crime: An information processing analysis}, Pages = {170-185}, Booktitle = {The Reasoning Criminal: Rational Choice Perspectives of Offending}, Publisher = {Springer-Verlag}, Editor = {Cornish, D and Clark, R}, Year = {1986}, ISBN = {9781412852753}, url = {http://dx.doi.org/10.4324/9781315134482}, Doi = {10.4324/9781315134482}, Key = {fds275520} } @article{fds315068, Author = {BETTMAN, JR and PAYNE, JW and STAELIN, R}, Title = {COGNITIVE CONSIDERATIONS IN DESIGNING EFFECTIVE LABELS FOR PRESENTING RISK INFORMATION}, Journal = {Journal of Public Policy & Marketing}, Volume = {5}, Pages = {1-28}, Publisher = {AMER MARKETING ASSOC}, Year = {1986}, Month = {January}, ISSN = {0743-9156}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1986H318200001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Key = {fds315068} } @article{fds275562, Author = {Payne, JW and Bettman, JR and Johnson, EJ}, Title = {Adaptive Strategy Selection in Decision Making}, Journal = {Journal of Experimental Psychology. Learning, Memory, and Cognition}, Volume = {14}, Number = {3}, Pages = {534-552}, Publisher = {American Psychological Association (APA)}, Year = {1988}, Month = {January}, ISSN = {0278-7393}, url = {http://dx.doi.org/10.1037/0278-7393.14.3.534}, Abstract = {The role of effort and accuracy in the adaptive use of decision processes is examined. A computer simulation using the concept of elementary information processes identified heuristic choice strategies that approximate the accuracy of normative procedures while saving substantial effort. However, no single heuristic did well across all task and context conditions. Of particular interest was the finding that under time constraints, several heuristics were more accurate than a truncated normative procedure. Using a process-tracing technique that monitors information acquisition behaviors, two experiments tested how closely the efficient processing patterns for a given decision problem identified by the simulation correspond to the actual processing behavior exhibited by subjects. People appear highly adaptive in responding to changes in the structure of the available alternatives and to the presence of time pressure. In general, actual behavior corresponded to the general patterns of efficient processing identified by the simulation. Finally, learning of effort and accuracy trade-offs are discussed.}, Doi = {10.1037/0278-7393.14.3.534}, Key = {fds275562} } @article{fds275564, Author = {Johnson, EJ and Payne, JW and Bettman, JR}, Title = {Information displays and preference reversals}, Journal = {Organizational Behavior and Human Decision Processes}, Volume = {42}, Number = {1}, Pages = {1-21}, Publisher = {Elsevier BV}, Year = {1988}, Month = {January}, ISSN = {0749-5978}, url = {http://dx.doi.org/10.1016/0749-5978(88)90017-9}, Abstract = {Preference reversals occur when a decision maker prefers one option to another in one response mode but reverses that ordering when preferences are elicited in another response mode. We report the results of two experiments which significantly impact the frequency of preference reversals. Specifically, when the probabilities are displayed in a format which appears harder to process, the frequency of reversals is increased. Process-tracing evidence suggests that decision-makers also shifted information processing strategies as a function of information format. We discuss the implications for theories of preference reversals and strategy selection, and for the design of information displays. © 1988.}, Doi = {10.1016/0749-5978(88)90017-9}, Key = {fds275564} } @article{fds315067, Author = {Simonson, I and Huber, J and Payne, J}, Title = {The Relationship between Prior Brand Knowledge and Information Acquisition Order}, Journal = {Journal of Consumer Research}, Volume = {14}, Number = {4}, Pages = {566-566}, Publisher = {Oxford University Press (OUP)}, Year = {1988}, Month = {March}, ISSN = {0093-5301}, url = {http://dx.doi.org/10.1086/209136}, Doi = {10.1086/209136}, Key = {fds315067} } @article{fds275518, Author = {Bettman, JR and Payne, JW and Johnson, EJ}, Title = {The Adaptive Decision Maker: Effort and Accuracy in Choice}, Pages = {129-153}, Booktitle = {Insights in Decision Making: A Tribute to Hillel J.Einhorn}, Publisher = {University of Chicago Press}, Year = {1990}, Key = {fds275518} } @article{fds275519, Author = {Payne, JW}, Title = {Rationality in decision making: A commentary}, Pages = {165-170}, Booktitle = {Organization and Decision Theory}, Publisher = {Kluwer-Nijhoff}, Editor = {Horowitz, I}, Year = {1990}, Key = {fds275519} } @article{fds275563, Author = {Bettman, JR and Johnson, EJ and Payne, JW}, Title = {A componential analysis of cognitive effort in choice}, Journal = {Organizational Behavior and Human Decision Processes}, Volume = {45}, Number = {1}, Pages = {111-139}, Publisher = {Elsevier BV}, Year = {1990}, Month = {January}, ISSN = {0749-5978}, url = {http://dx.doi.org/10.1016/0749-5978(90)90007-V}, Abstract = {We examine the effort required to execute decision strategies and propose a set of elementary information processes (EIPs) (e.g., reads, additions, comparisons) as a common language for describing these strategies. Based upon these component processes, a model for measuring the effort required to execute a decision strategy is proposed which suggests that effort is a weighted sum of EIPs. We test several variants of this model by attempting to predict decision latencies and subjective reports of effort. The proposed weighted EIP model provides good predictions for response time and subjective effort, and estimates of the time and effort associated with each EIP seem plausible and consistent with those found in other cognitive tasks. The time and effort required by each EIP do not vary substantially across rules; however, there are significant individual differences. On balance, the EIP approach to conceptualizing and measuring the effort of executing a choice strategy receives strong support. © 1990.}, Doi = {10.1016/0749-5978(90)90007-V}, Key = {fds275563} } @article{fds275565, Author = {Payne, JW and Johnson, EJ and Bettman, JR and Coupey, E}, Title = {Understanding Contingent Choice: A Computer Simulation Approach}, Journal = {Ieee Transactions on Systems, Man, and Cybernetics}, Volume = {20}, Number = {2}, Pages = {296-309}, Publisher = {Institute of Electrical and Electronics Engineers (IEEE)}, Year = {1990}, Month = {January}, url = {http://dx.doi.org/10.1109/21.52541}, Abstract = {When making choices, people use a variety of information processing strategies, contingent upon a number of task and context variables. An approach to investigating contingent decision behavior using an effort/accuracy framework, production system modeling of decision strategies, and Monte-Carlo simulation to explore the interactions of task properties with decision heuristics (strategies) is illustrated. The simulation results suggest that the contingent use of choice heuristics may often yield relatively high levels of decision accuracy with substantial savings in effort. The paper ends with a discussion of how the use of heuristics may vary during the course of the decision episode as the structure of the task is learned. In addition, ways to opportunistically exploit the task structure to simplify processing while still producing good decisions are identified. © 1990 IEEE}, Doi = {10.1109/21.52541}, Key = {fds275565} } @article{fds315066, Author = {Creyer, EH and Bettman, JR and Payne, JW}, Title = {The Impact of accuracy and effort feedback and goals on adaptive decision behavior}, Journal = {Journal of Behavioral Decision Making}, Volume = {3}, Number = {1}, Pages = {1-16}, Publisher = {WILEY}, Year = {1990}, Month = {January}, ISSN = {0894-3257}, url = {http://dx.doi.org/10.1002/bdm.3960030102}, Abstract = {This paper examines the impact of accuracy feedback, effort feedback, and emphasis on either a goal of maximizing accuracy relative to effort or minimizing effort relative to accuracy on decision processes. Feedback on the accuracy of decisions leads to more normative‐like processing of information and improved performance only in the most difficult problems, i.e., decisions with low dispersion in attribute weights. Explicit effort feedback has almost no impact on processing or performance. The impact of the goal manipulation on decision processes was found to be consistent with the shift in strategies predicted by an effort/accuracy model of strategy selection. In particular, a goal of emphasizing accuracy led to more normative‐like processing, while emphasis on effort led to less extensive, more selective, and more attribute‐based processing and poorer performance. These results provide perhaps the clearest evidence to date of the effect of goals on processing differences. Complex interactive relationships between types of feedback and goal structures suggest the need for additional study of feedback and goals on adaptive decision behavior. Copyright © 1990 John Wiley & Sons, Ltd.}, Doi = {10.1002/bdm.3960030102}, Key = {fds315066} } @article{fds275516, Author = {Payne, JW and Carroll, JS}, Title = {An information processing approach to two-party negotiations}, Volume = {3}, Booktitle = {Research on Negotiations and Organizations}, Publisher = {Jai Press}, Editor = {Bazerman, M and Sheppard, B and Lewicki, R}, Year = {1991}, Key = {fds275516} } @article{fds275517, Author = {Bettman, JR and Johnson, EJ and Payne, JW}, Title = {Consumer Decision Making}, Pages = {50-54}, Booktitle = {Handbook of Consumer Behavior}, Publisher = {Prentice Hall}, Editor = {Robertson, TS and Kassarjian, HH}, Year = {1991}, Key = {fds275517} } @article{fds275566, Author = {Payne, JW and Bettman, JR and Coupey, E and Johnson, EJ}, Title = {A constructive process view of decision making: Multiple strategies in judgment and choice}, Journal = {Acta Psychologica}, Volume = {80}, Number = {1-3}, Pages = {107-141}, Publisher = {Elsevier BV}, Year = {1992}, Month = {January}, ISSN = {0001-6918}, url = {http://dx.doi.org/10.1016/0001-6918(92)90043-D}, Abstract = {A viewpoint that has recently emerged in decision research is that preferences for objects of any complexity are often constructed - not merely revealed - in generating a response to a judgement or choice task. This paper reviews a program of research that traces the constructiveness of preferences to the use of multiple strategies in decision making, contingent on task demands. It is argued that individuals often build strategies opportunistically, changing their processing on the spot depending upon the information they encounter during the course of solving the decision problem. © 1992.}, Doi = {10.1016/0001-6918(92)90043-D}, Key = {fds275566} } @article{fds275567, Author = {Payne, JW and Bettman, JR and Johnson, EJ}, Title = {Behavioral decision research: A constructive processing perspective}, Journal = {Annual Review of Psychology}, Volume = {43}, Number = {1}, Pages = {87-131}, Publisher = {ANNUAL REVIEWS}, Year = {1992}, Month = {January}, ISSN = {0066-4308}, url = {http://dx.doi.org/10.1146/annurev.ps.43.020192.000511}, Doi = {10.1146/annurev.ps.43.020192.000511}, Key = {fds275567} } @article{fds275515, Author = {Bettman, JR and Payne, JW and Johnson, EJ}, Title = {The Use of Multiple Strategies in Judgment and Choice}, Pages = {19-39}, Booktitle = {Individual and Group Decision Making}, Publisher = {Lawrence Erlbaum Associates}, Editor = {Castellan, NJ}, Year = {1993}, Key = {fds275515} } @article{fds275569, Author = {Bettman, JR and Johnson, EJ and Luce, MF and Payne, JW}, Title = {Correlation, Conflict, and Choice}, Journal = {Journal of Experimental Psychology. Learning, Memory, and Cognition}, Volume = {19}, Number = {4}, Pages = {931-951}, Publisher = {American Psychological Association (APA)}, Year = {1993}, Month = {January}, ISSN = {0278-7393}, url = {http://dx.doi.org/10.1037/0278-7393.19.4.931}, Abstract = {We examined the degree to which individuals adapt their decision processes to the degree of interattribute correlation and conflict characterizing a decision problem. On the basis of an effort-accuracy framework for adaptive decision making, we predicted that the more negatively correlated the attribute structure, the more people will use strategies that process much of the relevant information and make trade-offs. A computer simulation study supported these predictions, and two experiments using process-tracing techniques to monitor information acquisition indicated that individuals did indeed respond to interattribute correlation by shifting their processing strategies in ways that are adaptive according to the effort-accuracy framework. In particular, they faced conflict rather than avoided it and generally processed more information, were less selective, and showed more alternative-based processing in negatively correlated environments.}, Doi = {10.1037/0278-7393.19.4.931}, Key = {fds275569} } @article{fds275548, Author = {Schkade, DA and Payne, JW}, Title = {How people respond to contingent valuation questions: A verbal protocol analysis of willingness to pay for an environmental regulation}, Journal = {Journal of Environmental Economics and Management}, Volume = {26}, Number = {1}, Pages = {88-109}, Publisher = {Elsevier BV}, Year = {1994}, Month = {January}, ISSN = {0095-0696}, url = {http://dx.doi.org/10.1006/jeem.1994.1006}, Abstract = {This paper investigates what a respondent is thinking when answering a willingness-to-pay question in a contingent valuation, using a "think aloud" technique from psychology called verbal protocol analysis. The willingness-to-pay responses we observed seem to be constructed from a variety of considerations, including an obligation to pay a fair share of the cost of the solution and signaling concern for a larger set of environmental issues. The finding that respondents seem to construct their values at the time they are asked, rather than reporting a more well-defined value, is seen as consistent with over two decades of research on the psychology of decision making. Potential uses of verbal protocols in contingent valuation studies are also discussed. © 1994 by Academic Press, Inc.}, Doi = {10.1006/jeem.1994.1006}, Key = {fds275548} } @article{fds315065, Author = {Payne, JW and Bettmanm, JR}, Title = {The costs and benefits of alternative measures of search behavior: Comments on Böckenholt and Hynan}, Journal = {Journal of Behavioral Decision Making}, Volume = {7}, Number = {2}, Pages = {119-122}, Publisher = {WILEY}, Year = {1994}, Month = {January}, ISSN = {0894-3257}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1994NG86600003&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Doi = {10.1002/bdm.3960070204}, Key = {fds315065} } @article{fds315576, Author = {Payne, JW}, Title = {Thinking Aloud: Insights Into Information Processing}, Journal = {Psychological Science}, Volume = {5}, Number = {5}, Pages = {241-248}, Publisher = {SAGE Publications}, Year = {1994}, Month = {January}, ISSN = {0956-7976}, url = {http://dx.doi.org/10.1111/j.1467-9280.1994.tb00620.x}, Doi = {10.1111/j.1467-9280.1994.tb00620.x}, Key = {fds315576} } @article{fds315064, Author = {Payne, JW and Bettman, JR and Johnson, EJ}, Title = {A Perspective on Using Computers to Monitor Information Acquisition}, Journal = {Advances in Consumer Research}, Volume = {22}, Pages = {49-51}, Publisher = {Association for Consumer Research; 1999}, Year = {1995}, ISSN = {0098-9258}, Key = {fds315064} } @article{fds275506, Author = {Bingham, G and Bishop, R and Brody, M and Bromley, D and Clark, E and Cooper, W and Costanza, R and Hale, T and Hayden, G and Kellert, S and Norgaard, R and Norton, B and Payne, J and Russell, C and Suter, G}, Title = {Issues in ecosystem valuation: improving information for decision making}, Journal = {Ecological Economics}, Volume = {14}, Number = {2}, Pages = {73-90}, Publisher = {Elsevier BV}, Year = {1995}, Month = {January}, ISSN = {0921-8009}, url = {http://dx.doi.org/10.1016/0921-8009(95)00021-Z}, Abstract = {In Spring 1991, the U.S. Environmental Protection Agency convened an expert group of ecologists, economists and other social scientists for the purpose of advancing the state of the art of ecosystem valuation methods. This Ecosystem Valuation Forum was organized as a dialogue because it has been clear from the outset that agreement even on the meaning of the term "ecosystem valuation" could not be taken for granted. Individuals from diverse disciplines, and from industry, environmental groups and government agencies disagree about what information about ecosystem services is needed, how it should be used and, therefore, what would constitute an advance in the methods that analysts should employ. The Forum discussed the varied ways in which experts from different disciplines approach valuation, what ecosystem attributes or services are important to value, and the factors that complicate the task of assigning values to ecosystem attributes. The Forum placed particular importance on approaching the problem of ecosystem valuation from the perspective of decision makers. Therefore, members discussed the variety of decision makers who might need valuation information, the controversy over where balancing decisions about costs and benefits should be made, and the implications for what information is needed within different institutional constraints. In addition, agency decision makers operate under real time and resource constraints. Thus, the Forum discussed the need to develop protocols that would guide analysts in a search for decisive information. The Forum concluded that the time is ripe for making new progress in solving some of these problems, while acknowledging that it may not be possible to develop a single unifying definition of value. Instead, the goal would be to understand how various concepts of value are structured, how they relate to each other, and how they can guide us toward a more integrated valuation process. The Forum recommended that next steps in addressing these issues be organized around case studies, particularly those that would enable researchers to improve linkages between ecological and economic methods and to develop improved protocols for valuation studies. © 1995.}, Doi = {10.1016/0921-8009(95)00021-Z}, Key = {fds275506} } @article{fds275568, Author = {Payne, JW and Bettman, JR and Johnson, EJ and Luce, MF}, Title = {An Information Processing Perspective on Choice}, Journal = {Psychology of Learning and Motivation - Advances in Research and Theory}, Volume = {32}, Number = {C}, Pages = {137-175}, Publisher = {Elsevier}, Year = {1995}, Month = {January}, ISSN = {0079-7421}, url = {http://dx.doi.org/10.1016/S0079-7421(08)60309-6}, Abstract = {This chapter discusses that people use a variety of strategies to solve decision problems, and it depends on the properties of the choice task as to which strategies they use. Selecting a particular strategy, or deciding how to decide, results from a trade-off between desires for maximal accuracy and minimal effort. Finally, although the use of simplifying strategies can sometimes lead to errors, people often are adaptive in their use of choice strategies: if not always optimal, they are often intelligent decision makers. Studies also support a theme of much recent decision research that preferences for objects of any complexity are often constructed not merely revealed-in the generation of a response to a judgment or choice task. It suggests that cognitive effort and coping with emotions play a role in understanding how people construct responses to contingent valuation questions, which are increasingly being used to guide public policy decisions. Studies of decision behavior have been enriched by the concepts and methods of cognitive psychology. Ideas about the topics of contingent strategy selection, constructive preferences, and the effects of emotion on information processing during choice can enrich research in other areas of cognition. © 1995, Academic Press Inc.}, Doi = {10.1016/S0079-7421(08)60309-6}, Key = {fds275568} } @article{fds275549, Author = {Smith, VK and Desvousges, WH and Payne, JW}, Title = {Do risk information programs promote mitigating behavior?}, Journal = {Journal of Risk and Uncertainty}, Volume = {10}, Number = {3}, Pages = {203-221}, Publisher = {Springer Nature}, Year = {1995}, Month = {May}, ISSN = {0895-5646}, url = {http://dx.doi.org/10.1007/BF01207551}, Abstract = {This article reports the results of a panel study investigating the effects of different radon risk information booklets on households' decisions to undertake mitigation. Multinomial logit models are used to describe how differences in the design of the information booklets along with the radon readings affected the choice to undertake some type of mitigation. To our knowledge this study offers the first example where a large sample was presented with different risk information concerning real risks that they were experiencing, and the research design permitted their risk perceptions and mitigation decisions to be tracked over time. Prescriptive messages along with emphasis on a radon threshold for action as part of the risk information seem to increase the likelihood of mitigating actions. © 1995 Kluwer Academic Publishers.}, Doi = {10.1007/BF01207551}, Key = {fds275549} } @article{fds275514, Author = {Payne, JW}, Title = {The Scarecrow's search: A cognitive psychologist's perspective on organizational decision making}, Pages = {353-374}, Booktitle = {Organizational Decision Making}, Publisher = {Cambridge University Press}, Editor = {Shapira, Z}, Year = {1996}, Key = {fds275514} } @article{fds275570, Author = {Payne, JW and Bettman, JR and Luce, MF}, Title = {When time is money: Decision behavior under opportunity-cost time pressure}, Journal = {Organizational Behavior and Human Decision Processes}, Volume = {66}, Number = {2}, Pages = {131-152}, Publisher = {Elsevier BV}, Year = {1996}, Month = {January}, url = {http://dx.doi.org/10.1006/obhd.1996.0044}, Abstract = {Decison-making dilemmas can arise because errors may result either from deciding too soon or from delaying decisions too long. Delay can result in lost opportunities or reductions in payoffs from the most accurate decision. This paper investigates decision processes in environments where there is time stress due to the opportunity cost of delaying decisions. First, using computer simulation, the relative accuracy of alternative decision strategies is examined in environments that differ in terms of the levels of opportunity cost of delay. The lexicographic choice rule is shown to be a very attractive decision process in situations where there is opportunity-cost time pressure. Two experiments test the adaptivity of actual decision behavior to the presence or absence of opportunity-cost time pressure along with variations in goals (accuracy emphasized vs. effort savings emphasized), dispersion in probabilities or weights across the outcomes of the choice options, and the degree of correlation among the outcomes. Subjects were generally adaptive to opportunity-cost time pressure. However, failures in adaptivity were identified when choice environment properties with conflicting implications for adaptation were present simultaneously. In particular, under opportunity-cost time pressure, subjects received a lower expected payoff when the goal was to emphasize choice accuracy than when the goal was to emphasize savings in effort. The question of when adaptivity in decision making might fail is discussed, © 1996 Academic Press, Inc.}, Doi = {10.1006/obhd.1996.0044}, Key = {fds275570} } @article{fds275561, Author = {Shiv, B and Edell, JA and Payne, JW}, Title = {Factors affecting the impact of negatively and positively framed ad messages}, Journal = {Journal of Consumer Research}, Volume = {24}, Number = {3}, Pages = {285-294}, Publisher = {Oxford University Press (OUP)}, Year = {1997}, Month = {January}, url = {http://dx.doi.org/10.1086/209510}, Abstract = {This article examines the effects of negative and positive framing of ad claims on consumers' choices and attitudes. Propositions about how the extent of processing before choice affects the relative impact of claims-related versus advertising tactics-related cognitions are tested in three experiments. Findings suggest that when processing is limited, claims-related cognitions have a greater impact on choice, which results in the sponsoring brand being chosen more often when the ad claims are negatively framed than when they are positively framed. When respondents engage in more extensive processing before choice, tactics-related cognitions become more accessible and, if perceived to be unfair, result in an attenuation of the advantage of negative framing over positive framing. A different pattern of results is obtained when one examines brand attitudes rather than brand choice.}, Doi = {10.1086/209510}, Key = {fds275561} } @article{fds275571, Author = {Luce, MF and Bettman, JR and Payne, JW}, Title = {Choice processing in emotionally difficult decisions.}, Journal = {Journal of Experimental Psychology. Learning, Memory, and Cognition}, Volume = {23}, Number = {2}, Pages = {384-405}, Year = {1997}, Month = {March}, ISSN = {0278-7393}, url = {http://www.ncbi.nlm.nih.gov/pubmed/9080010}, Abstract = {Choice conflicts between one's important values may cause negative emotion. This article extends the standard effort-accuracy approach to explaining task influences on decision processing by arguing that coping goals will interact with effort minimization and accuracy maximization goals for negatively emotion-laden decision tasks. These coping goals may involve both a desire to process in a thorough, accurate manner and a desire to avoid particularly distressing aspects of processing. On the basis of this extended framework, the authors hypothesized and found in 3 experiments that decision processing under increasing negative emotion both becomes more extensive and proceeds more by focusing on one attribute at a time. In particular, increased negative emotion leads to more attribute-based processing at the beginning of the decision process. The results are inconsistent with views that negative emotion acts only as an incentive or only as a source of decision complexity.}, Doi = {10.1037//0278-7393.23.2.384}, Key = {fds275571} } @article{fds315063, Author = {Payne, JW and Bettman, JR and Luce, MF}, Title = {Behavioral Decision Research: An Overview}, Pages = {303-359}, Booktitle = {Measurement, Judgment, and Decision Making}, Publisher = {Elsevier}, Year = {1998}, ISBN = {0120999757}, Abstract = {Any psychologist who manipulates an independent variable that affects a psychological construct or who uses a numerical dependent variable to measure a psychological construct will want to study this book.}, Key = {fds315063} } @article{fds275551, Author = {Coupey, E and Irwin, JR and Payne, JW}, Title = {Product category familiarity and preference construction}, Journal = {Journal of Consumer Research}, Volume = {24}, Number = {4}, Pages = {459-468}, Publisher = {Oxford University Press (OUP)}, Year = {1998}, Month = {January}, url = {http://dx.doi.org/10.1086/209521}, Abstract = {Marketers often base decisions about marketing strategies on the results of research designed to elicit information about consumers' preferences. A large body of research indicates, however, that preferences often are labile. That is, preferences can be reversed depending on factors such as how the preference is elicited. In three studies, we examine the effect of familiarity in two preference-elicitation tasks, choice and matching judgments. We provide evidence of an interaction between familiarity and response mode (choice or matching) in each study. In study 3, we test the explanation that preference reversals may occur when the interaction of response mode with product-category familiarity leads to systematic changes in attribute weighting.}, Doi = {10.1086/209521}, Key = {fds275551} } @article{fds275572, Author = {Bettman, JR and Luce, MF and Payne, JW}, Title = {Constructive consumer choice processes}, Journal = {Journal of Consumer Research}, Volume = {25}, Number = {3}, Pages = {187-217}, Publisher = {Oxford University Press (OUP)}, Year = {1998}, Month = {January}, url = {http://dx.doi.org/10.1086/209535}, Abstract = {Consumer decision making has been a focal interest in consumer research, and consideration of current marketplace trends (e.g., technological change, an information explosion) indicates that this topic will continue to be critically important. We argue that consumer choice is inherently constructive. Due to limited processing capacity, consumers often do not have well-defined existing preferences, but construct them using a variety of strategies contingent on task demands. After describing constructive choice, consumer decision tasks, and decision strategies, we provide an integrative framework for understanding constructive choice, review evidence for constructive consumer choice in light of that framework, and identify knowledge gaps that suggest opportunities for additional research.}, Doi = {10.1086/209535}, Key = {fds275572} } @article{fds343761, Author = {Coupey, E and Payne, JW and Irwin, JR}, Title = {Product Familiarity and the Expression of Preferences}, Journal = {Journal of Consumer Research}, Volume = {24}, Year = {1998}, Month = {February}, Key = {fds343761} } @article{fds275550, Author = {Hastie, R and Schkade, DA and Payne, JW}, Title = {A study of juror and jury judgments in civil cases: Deciding liability for punitive damages}, Journal = {Law and Human Behavior}, Volume = {22}, Number = {3}, Pages = {287-314}, Publisher = {American Psychological Association (APA)}, Year = {1998}, Month = {June}, ISSN = {0147-7307}, url = {http://dx.doi.org/10.1023/A:1025754422703}, Abstract = {A study was conducted to investigate civil juries' decisions concerning defendants' liability for punitive damages in tort cases. A total of 121 six- member mock juries composed of jury-service-eligible citizens were presented summaries of previously decided cases and given a comprehensive instruction on the defendant's liability for punitive damages. Most of the mock juries decided that the consideration of punitive damages was warranted, although appellate and trial judges had concluded that they were not warranted. The tendency to find the defendant liable was partly due to jurors' failure systematically to consider the full set of legally necessary conditions for the verdicts they rendered. Individual differences in the jurors' backgrounds were not strongly related to their verdicts; income and ethnicity were weakly related to judgments. The social processes in deliberation on civil juries were similar to the dynamics of deliberation that have been observed in criminal juries.}, Doi = {10.1023/A:1025754422703}, Key = {fds275550} } @article{fds275513, Author = {Bettman, JR and Payne, JW}, Title = {Preferential Choice and Adaptive Strategy Use}, Pages = {113-114}, Booktitle = {Bounded Rationality: The Adaptive Toolbox}, Publisher = {M I T PRESS}, Editor = {Gigerenzer, G and Selten, R}, Year = {1999}, Key = {fds275513} } @article{fds275581, Author = {Hastie, R and Schakde, DA and Payne, JW}, Title = {Juror judgments in civil cases: Hindsight effects on liability judgments for punative damages}, Journal = {Law and Human Behavior}, Volume = {23}, Number = {5}, Pages = {597-614}, Year = {1999}, ISSN = {0147-7307}, url = {http://dx.doi.org/10.1023/A:1022352330466}, Abstract = {An experiment was conducted to investigate whether hindsight bias influences an important class of legal decisions - civil jurors' judgments of liability for punitive damages. Jury-eligible citizens were shown a videotaped summary of the circumstances surrounding an environmental damage lawsuit. Some subjects were presented a foresight perspective and asked to judge whether or not a railroad should comply with an order to stop operations on a section of track that had been declared hazardous. Other subjects were asked to judge whether the railroad was liable for punitive damages after an accident occurred. Three independent variables were manipulated: temporal perspective with one third of the subjects assessing risks in foresight and two thirds assessing risks in hindsight; subject role with one half of the subjects asked to assume the role of a juror rendering a verdict and one half the role of a citizen whose personal opinion was solicited; and, in the hindsight conditions only, the amount of damage ($240,000 vs. $24,000,000) caused by the accident. Almost all measures of participants' judgments and thoughts about the case showed dramatic foresight-hindsight differences. The participants' role had an effect on some measures; for example, participants in the juror role exhibited slightly smaller hindsight effects when judging liability than did those in the citizen role. The magnitude of the damage caused by the accident had no effects on any measures.}, Doi = {10.1023/A:1022352330466}, Key = {fds275581} } @article{fds275583, Author = {Hastie, R and Schkade, DA and Payne, JW}, Title = {Reply to Vidmar}, Journal = {Law and Human Behavior}, Volume = {23}, Pages = {715-718}, Year = {1999}, Key = {fds275583} } @article{fds275573, Author = {Luce, MF and Payne, JW and Bettman, JR}, Title = {Emotional trade-off difficulty and choice}, Journal = {Journal of Marketing Research}, Volume = {36}, Number = {2}, Pages = {143-159}, Publisher = {JSTOR}, Year = {1999}, Month = {January}, url = {http://dx.doi.org/10.2307/3152089}, Abstract = {In this article, the authors explore whether choice patterns are sensitive to the potential of relevant trade-offs to elicit negative emotion. Across three experiments, decision makers increasingly use a choice strategy that maximizes quality at the expense of some currency (usually price) when the quality attribute is rated as more inherently emotion-laden (Experiment 1) or involves losses rather than gains (Experiments 2 and 3). These emotional trade-off difficulty effects on choice are obtained even after controlling for effects that are attributable to subjects' relative importance weights for the quality versus currency attributes. A fourth experiment validates that tasks requiring losses (versus gains) on quality attributes are assessed as particularly emotion-laden by naïve subjects. Overall, it appears that coping with potentially emotion-laden choice trade-offs is one factor influencing consumer choice strategies. Thus, emotional trade-off difficulty is a factor that marketers should consider when attempting to predict and explain consumer choice patterns. These conclusions are consistent with recent research that argues that avoiding or otherwise coping with negative emotion is an important goal that guides decision behavior (e.g., Larrick 1993; Luce, Bettman, and Payne 1997; Simonson 1992).}, Doi = {10.2307/3152089}, Key = {fds275573} } @article{fds275582, Author = {Payne, JW and Bettman, JR and Schkade, DA}, Title = {Measuring Constructed Preferences: Towards a Building Code}, Journal = {Journal of Risk and Uncertainty}, Volume = {19}, Number = {1-3}, Pages = {243-270}, Year = {1999}, Month = {January}, url = {http://dx.doi.org/10.1023/a:1007843931054}, Abstract = {A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architecture (building a set of values) rather than as archaeology (uncovering existing values). We describe potential faults in the process of preference construction, offer guidelines for measuring constructed preferences (a "building code") to mitigate these faults, and discuss how the code must be sensitive to the purpose of the valuation (design vs. prediction).}, Doi = {10.1023/a:1007843931054}, Key = {fds275582} } @article{fds304937, Author = {Hastie, R and Schkade, DA and Payne, JW}, Title = {Juror judgments in civil cases: Effects of plaintiff's requests and plaintiff's identity on punitive damage awards}, Journal = {Law and Human Behavior}, Volume = {23}, Number = {4}, Pages = {445-470}, Publisher = {American Psychological Association (APA)}, Year = {1999}, Month = {August}, ISSN = {0147-7307}, url = {http://dx.doi.org/10.1023/A:1022312115561}, Abstract = {Two experiments were conducted to study the manner in which civil jurors assess punitive damage awards. Jury-eligible citizens were shown a videotaped summary of an environmental damage lawsuit and told that the defendant had already paid compensatory damages. They were asked to judge liability for punitive damages and, if damages were to be assessed, to assign a dollar award. Three independent variables were manipulated in the case materials: the dollar amounts that were explicitly requested by the plaintiffs in their closing arguments to the jury, the geographical location of the defendant corporation, and the location of the lead plaintiff. Consistent with prior findings of anchor effects on judgments, we found that the plaintiff's requested award values had a dramatic effect on awards: the higher the request, the higher the awards. We also found that local plaintiffs were awarded more than were geographically remote plaintiffs, while the location of the defendant company did not have reliable effects on the awards. The implications of these results for procedures in civil trials and for theories of juror decision making are discussed.}, Doi = {10.1023/A:1022312115561}, Key = {fds304937} } @article{fds304938, Author = {Hastie, R and Schkade, DA and Payne, JW}, Title = {Juror judgments in civil cases: Hindsight effects on judgments of liability for punitive damages}, Journal = {Law and Human Behavior}, Volume = {23}, Number = {5}, Pages = {597-614}, Publisher = {American Psychological Association (APA)}, Year = {1999}, Month = {September}, ISSN = {0147-7307}, url = {http://dx.doi.org/10.1023/A:1022352330466}, Abstract = {An experiment was conducted to investigate whether hindsight bias influences an important class of legal decisions - civil jurors' judgments of liability for punitive damages. Jury-eligible citizens were shown a videotaped summary of the circumstances surrounding an environmental damage lawsuit. Some subjects were presented a foresight perspective and asked to judge whether or not a railroad should comply with an order to stop operations on a section of track that had been declared hazardous. Other subjects were asked to judge whether the railroad was liable for punitive damages after an accident occurred. Three independent variables were manipulated: temporal perspective with one third of the subjects assessing risks in foresight and two thirds assessing risks in hindsight; subject role with one half of the subjects asked to assume the role of a juror rendering a verdict and one half the role of a citizen whose personal opinion was solicited; and, in the hindsight conditions only, the amount of damage ($240,000 vs. $24,000,000) caused by the accident. Almost all measures of participants' judgments and thoughts about the case showed dramatic foresight-hindsight differences. The participants' role had an effect on some measures; for example, participants in the juror role exhibited slightly smaller hindsight effects when judging liability than did those in the citizen role. The magnitude of the damage caused by the accident had no effects on any measures.}, Doi = {10.1023/A:1022352330466}, Key = {fds304938} } @article{fds39081, Author = {Luce, M. F. and Bettman, J. R. and Payne, J. W.}, Title = {Minimizing negative emotion as a decision goat: Investigating emotional trade-off difficulty}, Pages = {59-80}, Booktitle = {The Why of Consumption}, Publisher = {Routledge}, Editor = {R. Ratnesway and D. Mich and C. Huffman}, Year = {2000}, Key = {fds39081} } @article{fds275584, Author = {Luce, MF and Bettman, JR and Payne, JW}, Title = {Attribute Identities Matter: Subjective Perceptions of Attribute Characteristics}, Journal = {Marketing Letters}, Volume = {11}, Number = {2}, Pages = {103-116}, Year = {2000}, Month = {January}, url = {http://dx.doi.org/10.1023/A:1008159022055}, Abstract = {Recent research indicates that attributes vary along multiple dimensions with implications for how trade-offs are resolved during choice. We present an exploratory study of the dimensionality underlying naïve subjects' ratings of attributes on the characteristics commonly discussed in the literature on tradeoff resolution and decision difficulty. Factor analysis of attribute characteristic assessments indicates that subjects view decision attributes in a multi-dimensional fashion, including an importance/loss aversion dimension, an emotional potential/protection from tradeoffs dimension, and a cognitive difficulty dimension. These results suggest that a one-dimensional measure of attribute characteristics, such as a standard attribute importance rating, may obscure some factors determining individual responses to attributes during decision processing. However, the results also suggest that developing a relatively succinct set of scales in order to characterize the dimensions along which subjects respond to attributes is a viable goal for future research.}, Doi = {10.1023/A:1008159022055}, Key = {fds275584} } @article{fds275586, Author = {Payne, JW and Schkade, DA and Desvousges, WH and Aultman, C}, Title = {Valuation of Multiple Environmental Programs}, Journal = {Journal of Risk and Uncertainty}, Volume = {21}, Number = {1}, Pages = {95-115}, Year = {2000}, Month = {January}, url = {http://dx.doi.org/10.1023/A:1026573527618}, Abstract = {We examined sequence effects on willingness-to-pay (WTP) when people evaluate a series of environmental goods. Each respondent evaluated five different environmental goods using WTP and four evaluative attitude ratings. There was a strong sequence effect: WTP was much larger for the first good than for goods evaluated afterward. Also, total WTP for the bundle of five goods depended on which good was evaluated first: the more highly valued the first good, the higher the total WTP for the bundle. The attitude ratings are shown to be more statistically efficient than WTP in measuring the relative importance of different environmental goods.}, Doi = {10.1023/A:1026573527618}, Key = {fds275586} } @article{fds275585, Author = {Luce, MF and Payne, JW and Bettman, JR}, Title = {Coping with Unfavorable Attribute Values in Choice.}, Journal = {Organizational Behavior and Human Decision Processes}, Volume = {81}, Number = {2}, Pages = {274-299}, Year = {2000}, Month = {March}, ISSN = {0749-5978}, url = {http://www.ncbi.nlm.nih.gov/pubmed/10706817}, Abstract = {This paper examines how decision makers cope when faced with trade-offs between a higher quality alternative and a lower price alternative in situations where both alternatives involve relatively unfavorable versus relatively favorable values for quality. We hypothesize that choices between alternatives defined by unfavorable quality values will generate negative emotion, resulting in emotion-focused coping behavior. Choosing the higher quality alternative (i.e., maximizing the quality attribute in choice) appears to function as a coping mechanism in these situations. These apparently coping-motivated choice effects are found even after methods are implemented to control for more cognitive factors associated with manipulations of quality-attribute value, such as the possibility that unfavorable attribute values are associated with increased attribute ranges and therefore increased relative importance for quality. Copyright 2000 Academic Press.}, Doi = {10.1006/obhd.1999.2872}, Key = {fds275585} } @article{fds39079, Author = {Payne, J. W. and Bettman, J. R.}, Title = {Preferential choice and adaptive strategy use}, Pages = {123-145}, Booktitle = {Bounded Rationality: The Adapative Toolbox}, Publisher = {M.I.T. Press}, Editor = {G. Gigerenzer and R. Selton}, Year = {2001}, Key = {fds39079} } @article{fds319666, Author = {Payne, JW and Luce, MF and Bettman, JR}, Title = {The Emotional Nature of Decision Trade-offs}, Pages = {17-35}, Booktitle = {Wharton on Making Decisions}, Publisher = {WILEY}, Year = {2001}, Month = {March}, ISBN = {0471382477}, Abstract = {"This is a superb book that provides valuable insights for managers at all levels. No matter how many critical decisions we make, it is useful to be reminded of the intricacies of the process. Wharton on Making Decisions does just that.}, Key = {fds319666} } @article{fds275511, Author = {Payne, JW and Bettman, JR}, Title = {Choice selection}, Booktitle = {Encyclopedia of Cognitive Science}, Publisher = {NATURE PUBLISHING GROUP}, Editor = {Nadel, L}, Year = {2002}, Key = {fds275511} } @article{fds275512, Author = {Bettman, JR and Payne, JW}, Title = {The Emotional Nature of Decision Trade-Offs}, Volume = {1}, Pages = {500-504}, Booktitle = {The Encyclopedia of Cognitive Silence}, Publisher = {NATURE PUBLISHING GROUP}, Editor = {Nadel, L}, Year = {2002}, ISBN = {0471382477}, Abstract = {"This is a superb book that provides valuable insights for managers at all levels. No matter how many critical decisions we make, it is useful to be reminded of the intricacies of the process. Wharton on Making Decisions does just that.}, Key = {fds275512} } @article{fds275510, Author = {Bettman, JR and Payne, JW}, Title = {Walking with the Scarecrow: The Information-Processing Approach to Decision Research}, Pages = {110-132}, Booktitle = {Blackwell Handbook of Judgment and Decision Making}, Editor = {Koehler, D and Harvey, N}, Year = {2004}, Key = {fds275510} } @article{fds275587, Author = {Shiv, B and Britton, JAE and Payne, JW}, Title = {Does elaboration increase or decrease the effectiveness of negatively versus positively framed messages?}, Journal = {Journal of Consumer Research}, Volume = {31}, Number = {1}, Pages = {199-208}, Publisher = {Oxford University Press (OUP)}, Year = {2004}, Month = {June}, ISSN = {0093-5301}, url = {http://dx.doi.org/10.1086/383435}, Abstract = {A robust finding in research on message framing is that negatively framed messages are more (less) effective than positively framed ones when the level of cognitive elaboration is high (low). However, recent research presents evidence that is contrary to previous findings: negative framing being less (more) effective than positive framing when the level of elaboration is high (low). In this article, we attempt to resolve the conflicting findings by highlighting the moderating roles of motivation and opportunity-related variables on the effectiveness of negative versus positive message frames. Results from two experiments suggest that under conditions of low processing motivation, negative framing is more (less) effective than positive framing when the level of processing opportunity is low (high). Under conditions of high processing motivation, negative framing is more effective than positive framing, irrespective of the level of processing opportunity.}, Doi = {10.1086/383435}, Key = {fds275587} } @article{fds315062, Author = {Cox, J and Payne, J}, Title = {Mutual Fund Expense Disclosures: A Behavioral Perspective}, Journal = {Washington University Law Quarterly}, Volume = {83}, Pages = {907-938}, Year = {2005}, url = {http://scholarship.law.duke.edu/faculty_scholarship/1525/}, Key = {fds315062} } @article{fds275588, Author = {Payne, JW}, Title = {It is whether you win or lose: The importance of the overall probabilities of winning or losing in risky choice}, Journal = {Journal of Risk and Uncertainty}, Volume = {30}, Number = {1}, Pages = {5-19}, Publisher = {Springer Nature}, Year = {2005}, Month = {January}, url = {http://dx.doi.org/10.1007/s11166-005-5831-x}, Abstract = {Imagine that you own a five-outcome gamble with the following payoffs and probabilities: ($100, .20; $50, .20; $0, .20; -$25, .20; -$50, .20). What happens when the opportunity to improve such a gamble is provided by a manipulation that adds value to one outcome versus another outcome, particularly when the opportunity to add value to one outcome versus another outcome changes the overall probability of a gain or the overall probability of a loss? Such a choice provides a simple test of the expected utility model (EU), original prospect theory (OPT), and cumulative prospect theory (CPT). A study of risky choices involving 375 respondents indicates that respondents were most sensitive to changes in outcome values that either increased the overall probability of a strict gain or decreased the overall probability of a strict loss. These results indicate more support for OPT rather than CPT and EU under various assumptions about the shape of the utility and value and weighting functions. Most importantly, the main difference between the various expectation models of risky choice occurs for outcomes near the reference value. A second study of risky choice involving 151 respondents again demonstrated the sensitivity of subjects to reducing the probability of a strict loss even at the cost of reduced expected value. Consequently, we argue that theories of how people choose among gambles that involve three or more consequences with both gains and losses need to include measures of the overall probabilities of a gain and of a loss. © 2005 Springer Science + Business Media, Inc.}, Doi = {10.1007/s11166-005-5831-x}, Key = {fds275588} } @article{fds275574, Author = {Cavanaugh, LA and Bettman, JR and Luce, MF and Payne, JW}, Title = {Appraising the appraisal-tendency framework}, Journal = {Journal of Consumer Psychology}, Volume = {17}, Number = {3}, Pages = {169-173}, Publisher = {WILEY}, Year = {2007}, Month = {January}, ISSN = {1057-7408}, url = {http://dx.doi.org/10.1016/S1057-7408(07)70024-4}, Abstract = {This article considers the consumer research implications of the Appraisal-Tendency Framework (ATF; Han, Lerner, & Keltner, 2007). This article outlines how the ATF approach could be applied to sequential consumer choices (e.g., effects of emotional responses to stockouts on later decisions) and high-stakes decisions (e.g., medical decisions). This article also proposes several areas in which the ATF might be extended: examining complex sequences of choices with emotional consequences, considering how incidental and integral emotions interact, characterizing how both evaluative and regulatory mechanisms may influence the effects of emotion on judgment and choice, and extending the range of positive emotions and appraisal dimensions considered. Copyright © 2007, Lawrence Erlbaum Associates, Inc.}, Doi = {10.1016/S1057-7408(07)70024-4}, Key = {fds275574} } @article{fds315069, Author = {Magat, WA and Payne, JW and Brucato, PF}, Title = {How important is information format? An experimental study of home energy audit programs}, Journal = {Journal of Policy Analysis and Management}, Volume = {6}, Number = {1}, Pages = {20-34}, Publisher = {WILEY}, Year = {2007}, Month = {February}, ISSN = {0276-8739}, url = {http://dx.doi.org/10.1002/pam.4050060103}, Doi = {10.1002/pam.4050060103}, Key = {fds315069} } @article{fds275509, Author = {Luce, MF and Bettman, JR and Payne, JW}, Title = {Consumer Decision Making: A Choice Goals Approach}, Booktitle = {Handbook of Consumer Psychology}, Editor = {Haugtvedt, C and Herr, P and Kardes, F}, Year = {2008}, Key = {fds275509} } @article{fds275536, Author = {Payne, JW and Bettman, JR}, Title = {Walking with the Scarecrow: The Information-Processing Approach to Decision Research}, Pages = {110-132}, Publisher = {BLACKWELL PUBLISHING LTD}, Year = {2008}, Month = {January}, url = {http://dx.doi.org/10.1002/9780470752937.ch6}, Doi = {10.1002/9780470752937.ch6}, Key = {fds275536} } @article{fds275575, Author = {Bettman, JR and Luce, MF and Payne, JW}, Title = {Preference construction and preference stability: Putting the pillow to rest}, Journal = {Journal of Consumer Psychology}, Volume = {18}, Number = {3}, Pages = {170-174}, Publisher = {WILEY}, Year = {2008}, Month = {July}, ISSN = {1057-7408}, url = {http://dx.doi.org/10.1016/j.jcps.2008.04.003}, Abstract = {We advocate a different approach to the important questions that Simonson raises regarding preference construction. First, we argue that existing literature both acknowledges and addresses preference stability. In particular, we show that stable preferences are not incompatible with theories of preference construction. We note that construction can influence experienced utility as well as prediction of preference and argue that a careful analysis of stability must allow for contextual influences in both these domains. Finally, we note that Simonson's notion of 'inherent' preferences is unclear, and we argue that a better way to take up this important challenge is through existing literatures providing insights into conditions leading to preference stability. © 2008.}, Doi = {10.1016/j.jcps.2008.04.003}, Key = {fds275575} } @article{fds275580, Author = {Amaldoss, W and Bettman, JR and Payne, JW}, Title = {Biased but efficient: An investigation of coordination facilitated by asymmetric dominance}, Journal = {Marketing Science}, Volume = {27}, Number = {5}, Pages = {903-921}, Publisher = {Institute for Operations Research and the Management Sciences (INFORMS)}, Year = {2008}, Month = {September}, ISSN = {0732-2399}, url = {http://dx.doi.org/10.1287/mksc.1070.0352}, Abstract = {In several marketing contexts, strategic complementarity between the actions of individual players demands that players coordinate their decisions to reach efficient outcomes. Yet coordination failure is a common occurrence. We show that the well-established psychological phenomenon of asymmetric dominance can facilitate coordination in two experiments. Thus, we demonstrate a counterintuitive result: A common bias in individual decision making can help players to coordinate their decisions to obtain efficient outcomes. Further, limited steps of thinking alone cannot account for the observed asymmetric dominance effect. The effect appears to be due to increased psychological attractiveness of the dominating strategy, with our estimates of the incremental attractiveness ranging from 3%-6%. A learning analysis further clarifies that asymmetric dominance and adaptive learning can guide players to an efficient outcome. © 2008 INFORMS.}, Doi = {10.1287/mksc.1070.0352}, Key = {fds275580} } @article{fds275576, Author = {Payne, JW and Samper, A and Bettman, JR and Luce, MF}, Title = {Boundary conditions on unconscious thought in complex decision making.}, Journal = {Psychological Science}, Volume = {19}, Number = {11}, Pages = {1118-1123}, Year = {2008}, Month = {November}, url = {http://www.ncbi.nlm.nih.gov/pubmed/19076483}, Abstract = {Should individuals delegate thinking about complex choice problems to the unconscious? We tested two boundary conditions on this suggestion. First, we found that in a decision environment similar to those studied previously, self-paced conscious thought and unconscious thought had similar advantages over conscious thought constrained to a long fixed time interval in terms of identifying the option with the highest number of positive outcomes. Second, we found that self-paced conscious thought performed better than unconscious thought in a second decision environment where performance depended to a greater extent on magnitudes of the attributes. Thus, we argue that it is critical to take into account the interaction of forms of processing with task demands (choice environments) when considering how to approach complex choice problems.}, Doi = {10.1111/j.1467-9280.2008.02212.x}, Key = {fds275576} } @article{fds275559, Author = {Huettel, SA and Payne, JW}, Title = {Integrating neural and decision sciences: Convergence and constraints}, Journal = {Journal of Marketing Research}, Volume = {46}, Number = {1}, Pages = {14-17}, Publisher = {SAGE Publications}, Year = {2009}, Month = {January}, ISSN = {0022-2437}, url = {http://dx.doi.org/10.1509/jmkr.46.1.14}, Doi = {10.1509/jmkr.46.1.14}, Key = {fds275559} } @article{fds275577, Author = {Venkatraman, V and Payne, JW and Bettman, JR and Luce, MF and Huettel, SA}, Title = {Separate neural mechanisms underlie choices and strategic preferences in risky decision making.}, Journal = {Neuron}, Volume = {62}, Number = {4}, Pages = {593-602}, Year = {2009}, Month = {May}, url = {http://www.ncbi.nlm.nih.gov/pubmed/19477159}, Abstract = {Adaptive decision making in real-world contexts often relies on strategic simplifications of decision problems. Yet, the neural mechanisms that shape these strategies and their implementation remain largely unknown. Using an economic decision-making task, we dissociate brain regions that predict specific choices from those predicting an individual's preferred strategy. Choices that maximized gains or minimized losses were predicted by functional magnetic resonance imaging activation in ventromedial prefrontal cortex or anterior insula, respectively. However, choices that followed a simplifying strategy (i.e., attending to overall probability of winning) were associated with activation in parietal and lateral prefrontal cortices. Dorsomedial prefrontal cortex, through differential functional connectivity with parietal and insular cortex, predicted individual variability in strategic preferences. Finally, we demonstrate that robust decision strategies follow from neural sensitivity to rewards. We conclude that decision making reflects more than compensatory interaction of choice-related regions; in addition, specific brain systems potentiate choices depending on strategies, traits, and context.}, Doi = {10.1016/j.neuron.2009.04.007}, Key = {fds275577} } @article{fds275508, Author = {Payne, JW and Venkatraman, V}, Title = {Opening the Blackbox: Process Tracing in Decision Research}, Booktitle = {Handbook of Process Tracing Methods in Decision Making}, Editor = {Shulte-Mecklenbeck, M and Kuhberger, A and Ranyard, R}, Year = {2011}, Key = {fds275508} } @article{fds275560, Author = {Venkatraman, V and Huettel, SA and Chuah, LYM and Payne, JW and Chee, MWL}, Title = {Sleep deprivation biases the neural mechanisms underlying economic preferences.}, Journal = {The Journal of Neuroscience : the Official Journal of the Society for Neuroscience}, Volume = {31}, Number = {10}, Pages = {3712-3718}, Year = {2011}, Month = {March}, url = {http://www.ncbi.nlm.nih.gov/pubmed/21389226}, Abstract = {A single night of sleep deprivation (SD) evoked a strategy shift during risky decision making such that healthy human volunteers moved from defending against losses to seeking increased gains. This change in economic preferences was correlated with the magnitude of an SD-driven increase in ventromedial prefrontal activation as well as by an SD-driven decrease in anterior insula activation during decision making. Analogous changes were observed during receipt of reward outcomes: elevated activation to gains in ventromedial prefrontal cortex and ventral striatum, but attenuated anterior insula activation following losses. Finally, the observed shift in economic preferences was not correlated with change in psychomotor vigilance. These results suggest that a night of total sleep deprivation affects the neural mechanisms underlying economic preferences independent of its effects on vigilant attention.}, Doi = {10.1523/jneurosci.4407-10.2011}, Key = {fds275560} } @article{fds275532, Author = {Venkatraman, V and Payne, JW and Huettel, SA}, Title = {Neuroeconomics of risky decisions: From variables to strategies}, Pages = {153-172}, Booktitle = {Decision Making, Affect, and Learning: Attention and Performance XXIII}, Publisher = {Oxford University Press}, Year = {2011}, Month = {May}, ISBN = {9780199600434}, url = {http://dx.doi.org/10.1093/acprof:oso/9780199600434.003.0007}, Abstract = {We make a variety of decisions throughout our lives. Some decisions involve outcomes whose values can be readily compared, especially when those outcomes are simple, immediate, and familiar. Other decisions involve imperfect knowledge about their potential consequences. Understanding the choice process when consequences are uncertain - often called the study of decision making under risk - remains a key goal of behavioural economics, cognitive psychology, and now neuroscience. An ongoing challenge, however, lies in the substantial individual differences in how people approach risky decisions. Using a novel choice paradigm, this chapter demonstrates that people vary in whether they adopt compensatory rules (i.e., tradeoffs between decision variables) or noncompensatory rules (i.e., a simplification of the choice problem) in economic decision making. The chapter shows that distinct neural mechanisms support variability in choices and variability in strategic preferences. Specifically, compensatory choices are associated with activation in the anterior insula and the ventromedial prefrontal cortex, while noncompensatory choices are associated with increased activation in the dorsolateral prefrontal cortex and the posterior parietal cortex. The dorsomedial prefrontal cortex shaped decision making at a strategic level through its functional connectivity with these regions. Individual-difference analyses are a key direction through which neuroscience can influence models of choice behaviour.}, Doi = {10.1093/acprof:oso/9780199600434.003.0007}, Key = {fds275532} } @article{fds275558, Author = {Johnson, EJ and Shu, SB and Dellaert, BGC and Fox, C and Goldstein, DG and Häubl, G and Larrick, RP and Payne, JW and Peters, E and Schkade, D and Wansink, B and Weber, EU}, Title = {Beyond nudges: Tools of a choice architecture}, Journal = {Marketing Letters}, Volume = {23}, Number = {2}, Pages = {487-504}, Publisher = {Springer Nature}, Year = {2012}, Month = {June}, ISSN = {0923-0645}, url = {http://dx.doi.org/10.1007/s11002-012-9186-1}, Abstract = {The way a choice is presented influences what a decision-maker chooses. This paper outlines the tools available to choice architects, that is anyone who present people with choices. We divide these tools into two categories: those used in structuring the choice task and those used in describing the choice options. Tools for structuring the choice task address the idea of what to present to decision-makers, and tools for describing the choice options address the idea of how to present it. We discuss implementation issues in using choice architecture tools, including individual differences and errors in evaluation of choice outcomes. Finally, this paper presents a few applications that illustrate the positive effect choice architecture can have on real-world decisions. © 2012 Springer Science+Business Media, LLC.}, Doi = {10.1007/s11002-012-9186-1}, Key = {fds275558} } @article{fds275578, Author = {Simonson, I and Bettman, JR and Kramer, T and Payne, JW}, Title = {Directions for judgment and decision making research based on comparison selection: Reply to Arkes, Johnson, and Kardes}, Journal = {Journal of Consumer Psychology}, Volume = {23}, Number = {1}, Pages = {161-163}, Publisher = {WILEY}, Year = {2013}, Month = {January}, ISSN = {1057-7408}, url = {http://dx.doi.org/10.1016/j.jcps.2012.10.006}, Abstract = {Our target article proposed an alternative perspective for studying consumer judgment and decision making, focusing on the types and weights of comparisons consumers select. In this response we consider the major points made by each of the commentators and examine their implications for future work addressing our comparison-focused approach. © 2012 Society for Consumer Psychology.}, Doi = {10.1016/j.jcps.2012.10.006}, Key = {fds275578} } @article{fds275579, Author = {Simonson, I and Bettman, JR and Kramer, T and Payne, JW}, Title = {Comparison selection: An approach to the study of consumer judgment and choice}, Journal = {Journal of Consumer Psychology}, Volume = {23}, Number = {1}, Pages = {137-149}, Publisher = {WILEY}, Year = {2013}, Month = {January}, ISSN = {1057-7408}, url = {http://dx.doi.org/10.1016/j.jcps.2012.10.002}, Abstract = {We introduce an alternative perspective on the study of consumer judgment and decision making, which is based on the notion that judgment and choice problems consist of comparisons that decision makers might select. Our new perspective proposes that if we can predict the likelihood that particular comparisons will become focal in a judgment or choice task, we will be able to gain a better understanding of and anticipate the resulting effect. Building on related literatures, we propose that comparison selection is driven by the task's latitude of acceptance (LOA) and comparison fluency (i.e., the overall ease of making that comparison). The task's LOA curve represents the range and concentration of potentially acceptable comparisons, whereas comparison fluency refers to the salience and ease of making the comparison. We illustrate our approach using previously studied problems (e.g., choice, variety seeking, the "jacket and calculator" problem, and contingent valuation) as well as new empirical tests. © 2012 Society for Consumer Psychology.}, Doi = {10.1016/j.jcps.2012.10.002}, Key = {fds275579} } @article{fds275554, Author = {Payne, JW and Sagara, N and Shu, SB and Appelt, KC and Johnson, EJ}, Title = {Life expectancy as a constructed belief: Evidence of a live-to or die-by framing effect}, Journal = {Journal of Risk and Uncertainty}, Volume = {46}, Number = {1}, Pages = {27-50}, Publisher = {Springer Nature}, Year = {2013}, Month = {February}, ISSN = {0895-5646}, url = {http://dx.doi.org/10.1007/s11166-012-9158-0}, Abstract = {Life expectations are essential inputs for many important personal decisions. We propose that longevity beliefs are responses constructed at the time of judgment, subject to irrelevant task and context factors, and leading to predictable biases. Specifically, we examine whether life expectancy is affected by the framing of expectations questions as either live-to or die-by, as well as by factors that actually affect longevity such as age, gender, and self-reported health. We find that individuals in a live-to frame report significantly higher chances of being alive at ages 55 through 95 than people in a corresponding die-by frame. Estimated mean life expectancies across three studies and 2300 respondents were 7. 38 to 9. 17 years longer when solicited in a live-to frame. We are additionally able to show how this framing works on a process level and how it affects preference for life annuities. Implications for models of financial decision making are discussed. © 2012 Springer Science+Business Media New York.}, Doi = {10.1007/s11166-012-9158-0}, Key = {fds275554} } @article{fds275534, Author = {Huber, J and Payne, JW and Puto, CP}, Title = {Let's be honest about the attraction effect}, Journal = {Journal of Marketing Research}, Volume = {51}, Number = {4}, Pages = {520-525}, Publisher = {SAGE Publications}, Year = {2014}, Month = {January}, ISSN = {0022-2437}, url = {http://dx.doi.org/10.1509/jmr.14.0208}, Abstract = {Frederick, Lee, and Baskin (2014) and Yang and Lynn (2014) argue that the conditions for obtaining the attraction effect are so restrictive that the practical validity of the attraction effect should be questioned. In this commentary, the authors first ground the attraction (asymmetric dominance) effect in its historical context as a test of an important theoretical assumption from rational choice theory. Drawing on the research reported by scholars from many fields of study, the authors argue that the finding of an asymmetric dominance effect remains robust because it holds when the conditions of the study are essentially replicated. Next, the authors identify some of the factors that mitigate (and amplify) the attraction effect and then position the effect into a larger theoretical debate involving the extent to which preferences are constructed versus merely revealed. The authors conclude by arguing that researchers who try to measure values as well as choice architects who attempt to shape values must be sensitive to the context-dependent properties of choice behavior, as illustrated by the attraction effect. © 2014, American Marketing Association.}, Doi = {10.1509/jmr.14.0208}, Key = {fds275534} } @article{fds275533, Author = {Venkatraman, V and Payne, JW and Huettel, SA}, Title = {An overall probability of winning heuristic for complex risky decisions: Choice and eye fixation evidence}, Journal = {Organizational Behavior and Human Decision Processes}, Volume = {125}, Number = {2}, Pages = {73-87}, Year = {2014}, Month = {November}, ISSN = {0749-5978}, url = {http://dx.doi.org/10.1016/j.obhdp.2014.06.003}, Abstract = {When faced with multi-outcome gambles involving possibilities of both gains and losses, people often use a simple heuristic that maximizes the overall probability of winning (Pwin). Across three different studies, using choice data as well as process data from eye tracking, we demonstrate that the Pwin heuristic is a frequently used strategy for decisions involving complex (multiple outcome) mixed gambles. Crucially, we show systematic contextual and individual differences in the use of Pwin heuristic. We discuss the implication of these findings in the context of the broader debate about single versus multiple strategies in risky choice, and the need to extend the study of risky decision making from simple to more complex gambles.}, Doi = {10.1016/j.obhdp.2014.06.003}, Key = {fds275533} } @article{fds315076, Author = {Soll, JB and Milkman, KL and Payne, JW}, Title = {A User's Guide to Debiasing}, Pages = {924-951}, Booktitle = {Wiley-Blackwell Handbook of Judgment and Decision Making}, Editor = {Keren, G and Wu, G}, Year = {2015}, Month = {January}, ISBN = {9781118468395}, url = {http://dx.doi.org/10.1002/9781118468333.ch33}, Abstract = {Judgment and decision making researchers have produced many insights to improve the capacity to decide. Decades of research have yielded an array of debiasing strategies that can improve judgments and decisions across settings in fields such as business, medicine, and policy. This chapter provides a guide to these strategies. It begins with a brief discussion of the sources of bias in decision making. The chapter explains decision readiness, which refers to whether an individual is in a position to make a good decision in a particular situation. It then turns to a review of debiasing techniques, organized according to whether they modify the person or the environment. The treatment of debiasing includes addressing both coherence-based biases that reflect logical inconsistencies and correspondence-based biases that reflect systematic misperceptions or misjudgments of reality. Finally, the chapter examines how organizations might alter the work environment through cognitive repairs to encourage better decisions.}, Doi = {10.1002/9781118468333.ch33}, Key = {fds315076} } @article{fds304111, Author = {Luce, MF and Payne, JW and Bettman, JR}, Title = {The Impact of Emotional Trade-Off Difficulty on Decision Behavior}, Booktitle = {Conflict and Tradeoffs in Decision Making: Essays in Honor of Jane Beattie}, Editor = {Loomes, G and Baron, J}, Year = {2015}, Month = {January}, Key = {fds304111} } @article{fds304112, Author = {Luce, MF and Bettman, J and Payne, JW}, Title = {Minimizing Negative Emotion as a Decision Goal: Investigating Emotional Trade-off Difficulty}, Booktitle = {The Why of Consumption}, Editor = {Huffman, and Mick, and Ratneshwar}, Year = {2015}, Month = {January}, Key = {fds304112} } @article{fds304113, Author = {Luce, MF and Payne, JW and Bettman, JR and Johnson, EW}, Title = {An Information Processing Perspective on Choice}, Volume = {32}, Pages = {137-175}, Booktitle = {Decision Making from a Cognitive Perspective: Psychology of Learning and Motivation}, Publisher = {Academic Press}, Editor = {Busemeyer, JR and Hastie, R and Medin, DL}, Year = {2015}, Month = {January}, Key = {fds304113} } @article{fds304114, Author = {Bettman, JR and Johnson, EJ and Payne, JW}, Title = {Adapting to Time Constraints}, Pages = {103-116}, Booktitle = {Time Pressure and Stress in Human Judgment and Decision Making}, Publisher = {Plenum}, Editor = {Maule, J and Svenson, O}, Year = {2015}, Month = {February}, Key = {fds304114} } @article{fds315075, Author = {Soll, JB and Milkman, KL and Payne, JW}, Title = {Outsmart Your Own Biases}, Journal = {Harvard Business Review}, Volume = {93}, Number = {5}, Pages = {64-71}, Publisher = {HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION}, Year = {2015}, Month = {May}, ISSN = {0017-8012}, url = {http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000353530400010&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=47d3190e77e5a3a53558812f597b0b92}, Key = {fds315075} } @article{fds275507, Author = {Kwak, Y and Payne, JW and Cohen, AL and Huettel, SA}, Title = {The rational adolescent: Strategic information processing during decision making revealed by eye tracking}, Journal = {Cognitive Development}, Volume = {36}, Pages = {20-30}, Year = {2015}, Month = {October}, ISSN = {0885-2014}, url = {http://hdl.handle.net/10161/10590 Duke open access}, Abstract = {Abstract Adolescence is often viewed as a time of irrational, risky decision-making—despite adolescents’ competence in other cognitive domains. In this study, we examined the strategies used by adolescents (N = 30) and young adults (N = 47) to resolve complex, multi-outcome economic gambles. Compared to adults, adolescents were more likely to make conservative, loss-minimizing choices consistent with economic models. Eye-tracking data showed that prior to decisions, adolescents acquired more information in a more thorough manner; that is, they engaged in a more analytic processing strategy indicative of trade-offs between decision variables. In contrast, young adults’ decisions were more consistent with heuristics that simplified the decision problem, at the expense of analytic precision. Collectively, these results demonstrate a counter-intuitive developmental transition in economic decision making: adolescents’ decisions are more consistent with rational-choice models, while young adults more readily engage task-appropriate heuristics.}, Doi = {10.1016/j.cogdev.2015.08.001}, Key = {fds275507} } @article{fds319665, Author = {Shu, SB and Zeithammer, R and Payne, JW}, Title = {Consumer preferences for annuity attributes: Beyond net present value}, Journal = {Journal of Marketing Research}, Volume = {53}, Number = {2}, Pages = {240-262}, Publisher = {SAGE Publications}, Year = {2016}, Month = {April}, url = {http://dx.doi.org/10.1509/jmr.13.0004}, Abstract = {Decisions about life annuities are an important part of consumer decumulation of retirement assets, yet they are relatively underexplored by marketing researchers studying consumer financial decision making. In this article, the authors propose and estimate a model of individual preferences for life annuity attributes using a choice-based stated- preference survey. Annuities are presented in terms of consumer-relevant attributes such as monthly income, yearly adjustments, period certain guarantees, and company financial strength. The authors find that these attributes directly influence consumer preferences beyond their impact on the annuity's expected present value. The strength of the direct influence depends on how annuities are described: when annuities are represented only through basic attributes, consumers undervalue inflation protection, and preferences are not monotonically increasing in duration of period certain guarantees. When descriptions of annuities are enriched with cumulative payment information, consumers no longer undervalue inflation protection, but nonlinear preferences for period certain options remain. The authors find that among annuities with the same expected payout but different annual increases and period certain guarantees, the proportion of consumers who choose the annuity over self-management can vary by more than a factor of 2.}, Doi = {10.1509/jmr.13.0004}, Key = {fds319665} } @article{fds327673, Author = {Atlas, SA and Johnson, EJ and Payne, JW}, Title = {Time preferences and mortgage choice}, Journal = {Journal of Marketing Research}, Volume = {54}, Number = {3}, Pages = {415-429}, Publisher = {SAGE Publications}, Year = {2017}, Month = {June}, url = {http://dx.doi.org/10.1509/jmr.14.0481}, Abstract = {Mortgage decisions have important consequences for consumers, lenders, and the state of the economy more generally. Mortgage decisions are also prototypical of consumer financial choices that involve a stream of expenditures and consumption occurring across time. The authors use heterogeneity in time preferences for both immediate (present bias) and long-term outcomes to explain a sequence of mortgage decisions, including mortgage choice and the decision to abandon a mortgage. The authors employ an analytic model and a survey of mortgaged households augmented by zip code-level house price and foreclosure data. The model suggests and data confirm that consumers with greater present bias and long-term discounting tend to choose mortgages that minimize up-front costs. However, greater present bias decreases homeowners' willingness to abandon a mortgage, locking them into the contract. Long-term patience increases mortgage abandonment. This reversal across mortgage decisions is difficult for alternative accounts to explain. These results suggest that a two-parameter model of time preferences is helpful for understanding how homeowners make mortgage decisions.}, Doi = {10.1509/jmr.14.0481}, Key = {fds327673} } %% Books @book{fds275531, Author = {Payne, JW}, Title = {Cognition and Social Behavior}, Publisher = {Erlbaum}, Year = {1976}, Key = {fds275531} } @book{fds275530, Author = {Payne, JW and Bettman, JR and Johnson, EJ}, Title = {The Adaptive Decision Maker}, Pages = {330 pages}, Publisher = {Cambridge University Press}, Year = {1993}, Month = {May}, ISBN = {0521425263}, Abstract = {Demonstrates how decision makers balance effort and accuracy considerations and predict the particular choice of strategy.}, Key = {fds275530} } @book{fds275529, Author = {Luce, MF and Bettman, JR and Payne, JW}, Title = {Tradeoff Difficulty: Determinants and Consequences for Consumer Decisions}, Volume = {1}, Year = {2001}, Key = {fds275529} } @book{fds275528, Author = {Payne, JW and Sunstein, CR and Hastie, R and Schkade, DA and Vicusi, WK}, Title = {Punitive Damages: How Juries Decide}, Publisher = {University of Chicago Press}, Year = {2002}, Key = {fds275528} } | |
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