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Decision Making Under Risk Across Different Contexts

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thesis
posted on 22.05.2021, 12:02 by Debra W. Soh
Decision making under risk has been intensively studied; however, little is understood about how decision making under risk changes with increased ecological validity. The current study investigated whether increased ecological validity resulted in greater decision quality and a minimization of the description-experience gap. Whether presenting items as abstract monetary gambles or framed within a meaningful context, decision quality was higher for loss items when presented as a description, and for gain items when experienced. When the rare event was a nonzero gain or loss, decision quality was increased when abstract monetary gambles were presented as a description. When the rate event was a zero gain, higher decision quality resulted if the gamble was experienced. When the rare event was a zero loss, higher decision quality resulted if the gamble was presented as a description. Implications for future research are discussed, with regard to improving understanding of decision making under uncertainty.

History

Language

eng

Degree

Master of Arts

Program

Psychology

Granting Institution

Ryerson University

LAC Thesis Type

Thesis