| Publications [#275555] of John W. Payne
Papers Published
- Payne, JW; Laughhunn, DJ; Crum, R, TRANSLATION OF GAMBLES AND ASPIRATION LEVEL EFFECTS IN RISKY CHOICE BEHAVIOR.,
Management Science, vol. 26 no. 10
(January, 1980),
pp. 1039-1060, Institute for Operations Research and the Management Sciences (INFORMS) [doi]
(last updated on 2023/06/01)
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.
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