TY - GEN
T1 - How the Mind Exploits Risk-Reward Structures in Decisions under Risk
AU - Leuker, Christina
AU - Pleskac, Timothy J.
AU - Pachur, Thorsten
AU - Hertwig, Ralph
N1 - Publisher Copyright:
© CogSci 2017.
PY - 2017
Y1 - 2017
N2 - In many natural domains, risks and rewards are inversely related (Pleskac & Hertwig, 2014). We sought to understand how people might use this relationship in choosing among risky gambles. To do so we, manipulated risk-reward structures of monetary gambles to be either negatively or positively correlated, or uncorrelated. After substantial exposure to these environments, participants completed a speeded choice task among non-dominated gambles. Eye-tracking data from this task suggests that participants often shifted their attention to mainly one attribute in the correlated conditions, in which the risk-reward relationship was present. This was an adaptive strategy that resulted in a similar proportion of expected-value maximizing choices, compared to a more compensatory processing strategy.
AB - In many natural domains, risks and rewards are inversely related (Pleskac & Hertwig, 2014). We sought to understand how people might use this relationship in choosing among risky gambles. To do so we, manipulated risk-reward structures of monetary gambles to be either negatively or positively correlated, or uncorrelated. After substantial exposure to these environments, participants completed a speeded choice task among non-dominated gambles. Eye-tracking data from this task suggests that participants often shifted their attention to mainly one attribute in the correlated conditions, in which the risk-reward relationship was present. This was an adaptive strategy that resulted in a similar proportion of expected-value maximizing choices, compared to a more compensatory processing strategy.
KW - adaptive cognition
KW - attention
KW - decisions under risk
KW - noncompensatory processing
KW - risk-reward relationship
UR - http://www.scopus.com/inward/record.url?scp=85060628388&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85060628388
T3 - CogSci 2017 - Proceedings of the 39th Annual Meeting of the Cognitive Science Society: Computational Foundations of Cognition
SP - 2543
EP - 2548
BT - CogSci 2017 - Proceedings of the 39th Annual Meeting of the Cognitive Science Society
PB - The Cognitive Science Society
T2 - 39th Annual Meeting of the Cognitive Science Society: Computational Foundations of Cognition, CogSci 2017
Y2 - 26 July 2017 through 29 July 2017
ER -