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Timing of descriptions shapes experience-based risky choice

Weiss-Cohen, L; Konstantinidis, E; Harvey, N; (2020) Timing of descriptions shapes experience-based risky choice. Journal of Behavioral Decision Making 10.1002/bdm.2197. (In press). Green open access

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Abstract

Risky decisions based on the combination of different sources of information (e.g., decisions from description‐plus‐experience) have mostly been ignored, as research has focused on examining each source separately. Across three experiments, we explore the intricate relationship between experience and description by manipulating when descriptive information about risky options is made available during an experience‐based task. The results show that the amount of prior experience moderates the way that descriptive information is considered and integrated in the decision‐making process: Descriptions affected behavior more when participants had little experience with the task, whereas their effect was less pronounced with extended experience. This relationship reversed when participants had access to foregone payoffs, with descriptions being considered more when participants had more time to interact with the task. Potential mechanisms and theoretical accounts are discussed with an emphasis on how the results and conclusions of the present work can be applied to the effective design of warning labels.

Type: Article
Title: Timing of descriptions shapes experience-based risky choice
Open access status: An open access version is available from UCL Discovery
DOI: 10.1002/bdm.2197
Publisher version: https://doi.org/10.1002/bdm.2197
Language: English
Additional information: © 2020 The Authors. Journal of Behavioral Decision Making published by John Wiley & Sons Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Keywords: decision making, decisions from experience, risky decisions, hot stove effect, warnings
UCL classification: UCL
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Experimental Psychology
URI: https://discovery.ucl.ac.uk/id/eprint/10105497
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