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| Publications of John W. Payne :chronological combined listing:
%% Journal Articles
@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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{fds275526,
Author = {Payne, JW},
Title = {Heuristic search processes in decision making},
Booktitle = {Advances in Consumer Research, Vol. 3},
Year = {1976},
Key = {fds275526}
}
@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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{fds275521,
Author = {Payne, JW},
Title = {Psychology of risky decisions},
Booktitle = {Behavioral Decision Making},
Publisher = {Plenum},
Editor = {Wright, G},
Year = {1985},
Key = {fds275521}
}
@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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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{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}
}
@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{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{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{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{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{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}
}
%% Books
@book{fds275531,
Author = {Payne, JW},
Title = {Cognition and Social Behavior},
Publisher = {Erlbaum},
Year = {1976},
Key = {fds275531}
}
@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}
}
@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}
}
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