{"pk":28052,"title":"Learning Variability from Experience","subtitle":null,"abstract":"Leading theories of risky choice predict that decision makersare sensitive to the variability of payoff distributions. Yet, lit-tle is known about how experience affects perceived variabil-ity. Existing empirical research on risky choice provides onlyinconclusive evidence about this issue because choices are notonly affected by perceived variability but also perceived valueand (unobserved) risk preferences. In re-analyses of experi-mental data and survey data from two nationally representativepanels, we show that perceived variability strongly depends onsample variability. In a new experiment, we also demonstratethat perceived variability systematically depends on samplesize, a result consistent with the predictions of a recent the-oretical paper by the authors (Konovalova & Le Mens, 2017).","language":"eng","license":{"name":"","short_name":"","text":null,"url":""},"keywords":[{"word":"Experience"},{"word":"learning"},{"word":"Risky Choice"},{"word":"Sampling"},{"word":"variability"}],"section":"Publication-based-Talks","is_remote":true,"remote_url":"https://escholarship.org/uc/item/7nj606x3","frozenauthors":[{"first_name":"Elizaveta","middle_name":"","last_name":"Konovalova","name_suffix":"","institution":"Max Planck Institute for Human Development","department":""},{"first_name":"Gael","middle_name":"","last_name":"Le Mens","name_suffix":"","institution":"Universitat Pompeu Fabra","department":""}],"date_submitted":null,"date_accepted":null,"date_published":"2018-01-01T18:00:00Z","render_galley":null,"galleys":[{"label":"PDF","type":"pdf","path":"https://journalpub.escholarship.org/cognitivesciencesociety/article/28052/galley/17691/download/"}]}