Article Instance

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{
    "pk": 26390,
    "title": "Noisy Parameters in Risky Choice",
    "subtitle": null,
    "abstract": "We examine the effect of variability in model parameters on\nthe predictions of expected utility theory and cumulative\nprospect theory, two of the most influential choice models in\ndecision making research. We find that zero-mean and\nsymmetrically distributed noise in the underlying parameters\nof these models can systematically distort choice\nprobabilities, leading to false conclusions. Likewise,\ndifferences in choice proportions across decision makers\nmight be due to differences in the amount of noise affecting\nunderlying parameters rather than to differences in actual\nparameter values. Our results suggest that care and caution\nare needed when trying to infer the underlying preferences of\ndecision makers, or the effects of psychological, biological,\neconomic, and demographic variables on these preferences.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "Decision making; Random utility; Random\npreference; Risky choice; Prospect theory"
        }
    ],
    "section": "Papers",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/61n8h0k4",
    "frozenauthors": [
        {
            "first_name": "Sudeep",
            "middle_name": "",
            "last_name": "Bhatia",
            "name_suffix": "",
            "institution": "University of Pennsylvania",
            "department": ""
        },
        {
            "first_name": "Graham",
            "middle_name": "",
            "last_name": "Loomes",
            "name_suffix": "",
            "institution": "University of Warwick",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2016-01-01T10:00:00-08:00",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/26390/galley/16026/download/"
        }
    ]
}