Decision Sciences
7 years ago

Context, skills, and memory, not risk, drive human preferences in decisions.

1 view
PsycEXTRA Dataset
Utility reversals: Memory and contextual biases with decision prospects
Petko Kusev, Petter Johansson, Paul van Schaik, Peter Ayton, Nick Chater

Paper Summary

The article explores how people make decisions when faced with risks, comparing two main theories. The researchers found that people's preferences are not fixed but can change based on context, skills, and memory. This challenges the idea that individuals have inherent preferences for risk.

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