Accession Number:

AD0713215

Title:

REVERSALS OF PREFERENCE BETWEEN BIDS AND CHOICES IN GAMBLING DECISIONS,

Descriptive Note:

Corporate Author:

OREGON RESEARCH INST EUGENE

Personal Author(s):

Report Date:

1970-10-01

Pagination or Media Count:

31.0

Abstract:

Subjects in 3 experiments chose their preferred bet from pairs of bets, and later bid for each bet separately. In each pair, one bet had a higher probability of winning P bet the other offered more to win S bet. Bidding method selling vs. buying and payoff method real-play vs. hourly wage were varied. Results showed that when the P bet was chosen, the bet often received a higher bid. These inconsistencies are incompatible with risky decision models, but can be understood via information-processing considerations. Author

Subject Categories:

  • Psychology

Distribution Statement:

APPROVED FOR PUBLIC RELEASE