Publications [#275555] of John W. Payne

Journal Articles

1. Payne, JW; Laughhunn, DJ; Crum, R (1980). TRANSLATION OF GAMBLES AND ASPIRATION LEVEL EFFECTS IN RISKY CHOICE BEHAVIOR.. Management Science, 26(10), 1039-1060. [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.