Information Integration in Risky Choice: Identification and Stability
- Publisher: Frontiers Research Foundation
Frontiers in Psychology
(issn: 1664-1078, vol:
Opinion Article | BF | Psychology
How is information integrated across the\ud attributes of an option when making risky\ud choices? In most descriptive models of\ud decision under risk, information about\ud risk, and reward is combined multiplicatively\ud (e.g., expected value; expected utility\ud theory, Bernouli, 1738/1954; subjective\ud expected utility theory, Savage, 1954;\ud Edwards, 1955; prospect theory, Kahneman\ud and Tversky, 1979; rank-dependent utility,\ud Quiggin, 1993; decision field theory,\ud Busemeyer and Townsend, 1993; transfer\ud of attention exchange model, Birnbaum,\ud 2008). That is, (some transform of) probability\ud is multiplied by (some transform of)\ud reward to give a value for a risky prospect,\ud and the prospect with the maximum value\ud is then chosen.