{"pk":29150,"title":"Contextual Effects in Value-Based Decision Making: A Resource-RationalMechanistic Account","subtitle":null,"abstract":"A wealth of experimental evidence shows that, contrary to normative models of choice, peoples preferences are markedlyswayed by the context in which options are presented. Particularly, there exist a well-known triad of effects, dubbed thecontextual effects, which consistently show that preferences change depending on the availability of other options: theattraction effect, the similarity effect, and the compromise effect. In this work, we present the first resource-rational,process-level account of these three contextual effects by extending Nobandegani et al.’s (2018) sample-based expectedutility model to the realm of multi-attribute value-based decision-making. Importantly, our work is consisted with twoempirically well-supported findings: (1) People tend to draw only a few samples in their probabilistic judgment anddecision-making, and (2) People tend to overestimate the probability of extreme events in their judgment.","language":"eng","license":{"name":"","short_name":"","text":null,"url":""},"keywords":[],"section":"Member Abstracts","is_remote":true,"remote_url":"https://escholarship.org/uc/item/43h521sd","frozenauthors":[{"first_name":"Kevin","middle_name":"","last_name":"da Silva-Castanheira","name_suffix":"","institution":"McGill University","department":""},{"first_name":"Ardavan","middle_name":"S.","last_name":"Nobandegani","name_suffix":"","institution":"McGill University","department":""},{"first_name":"Thomas","middle_name":"","last_name":"Shultz","name_suffix":"","institution":"McGill University","department":""},{"first_name":"A. Ross","middle_name":"","last_name":"Otto","name_suffix":"","institution":"McGill University","department":""}],"date_submitted":null,"date_accepted":null,"date_published":"2019-01-01T18:00:00Z","render_galley":null,"galleys":[{"label":"PDF","type":"pdf","path":"https://journalpub.escholarship.org/cognitivesciencesociety/article/29150/galley/19021/download/"}]}