{"pk":30115,"title":"The Relevance of Subjective Benefits in Risky Choice Across ten Domains of Life","subtitle":null,"abstract":"In risk-research, there are two traditions of measurement: the\nattribute-based and the vignette-based tradition. The attribute-\nbased approach focuses on the impact that the attributes (prob-\nabilities and outcomes) of risky options have on the processing\nof risk-related information. The vignette-based approach fo-\ncuses on responses to questions about contextualized situations\ninvolving risk. We bring these two approaches together here to\ninvestigate the stability of risk preferences and information\nprocessing in risky choice tasks across different contextualized\nsituations. To this end, we employ an evidence-based multi-\nattribute gamified risky choice task in a retest design. The re-\nsults (N = 226) show that risk propensities are very stable\nwithin domains across time. Participants’ explicit beliefs about\nrisks and returns did not accurately reflect the actual rank order\nof the costs and benefits of actions in the real world, which we\nobtained from statistical databases. Also, we find that that pro-\nspect theory’s risk-attitude parameters are mostly unrelated to\nthe risk-taking in the contextualized task, and that benefit per-\nceptions influence risk-taking, in line with a risk-return trade-\noff view on risk-taking.","language":"eng","license":{"name":"","short_name":"","text":null,"url":""},"keywords":[{"word":"domain-specific behavior; risky choice; risk pref-\nerences; prospect theory; cognitive modeling"}],"section":"Poster Session 3","is_remote":true,"remote_url":"https://escholarship.org/uc/item/3bt1v7s0","frozenauthors":[{"first_name":"Jana","middle_name":"B.","last_name":"Jarecki","name_suffix":"","institution":"University of Basel","department":""},{"first_name":"Andreas","middle_name":"","last_name":"Wilke","name_suffix":"","institution":"Clarkson University","department":""}],"date_submitted":null,"date_accepted":null,"date_published":"2020-01-01T18:00:00Z","render_galley":null,"galleys":[{"label":"PDF","type":"pdf","path":"https://journalpub.escholarship.org/cognitivesciencesociety/article/30115/galley/19969/download/"}]}