Navigation Links
Is the description-experience gap in risky choice limited to rare events?
Date:6/2/2011

Psychology researchers at the University of Alberta have found an interesting wrinkle in the decision- making process people use when gambling: People confronted with risky choices respond differently when they rely on past experiences, rather than when they just focus on the odds of winning or losing.

The research team gave people two kinds of choices. One was a choice between a sure win versus a double-or-nothing win. The other choice was between a sure loss versus a double-or- nothing loss. In some cases the odds were explained to the volunteer gamblers, and sometimes the players were just left to learn their chances through their experience playing the game.

Surprisingly, most people made the exact opposite choices when they were told the odds, opposed to when they learned about them on their own. With experience, the test subjects started to gamble on the doubleor-nothing for wins and they avoided the risky choice for losses. Their gambling tendencies were reversed when they were told the odds.

"We think that people choose in fundamentally differently ways when they are remembering their past wins and losses than when they are thinking about abstract future possibilities," said U of A researcher Marcia Spetch. "When basing choices on memory, people may focus more on the bigger wins and the bigger losses."

Beyond this novel finding, this research provides a new task for studying gambling behaviour that may one day help in understanding risky choice behaviour and gambling addictions. A follow-up study is being conducted by the same research group using the same gambling task, and participants will be hooked up to MRI equipment to identify areas of the brain involved in risky decision making.


'/>"/>

Contact: Brian Murphy
brian.murphy@ualberta.ca
780-492-6041
University of Alberta
Source:Eurekalert

Page: 1

Related medicine news :

1. Whistleblower Alerts Americans to Dangers of Risky Unapproved Treatment for Atrial Fibrillation
2. High-Dose Vitamin B Risky for Diabetics With Kidney Disease
3. Adolescent brains biologically wired to engage in risky behavior, study finds
4. Video study finds risky food-safety behavior more common than thought
5. UIC psychologist aims to reduce risky sexual behavior among African American girls
6. Mathematical models for breast cancer detection with microwave tomography are cheaper and less risky
7. OMG! Excessive Texting Tied to Risky Teen Behaviors
8. Preparing Small Doses of Medication From Syringes Called Risky
9. Pitt team finds teen brains over-process rewards, suggesting root of risky behavior, mental ills
10. With Hormone Therapy, Starting Later May Be Less Risky
11. Having a strong community protects adolescents from risky health behaviors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/4/2015)... ... September 04, 2015 , ... Inmar announced today that ... of its Product, Quality and Manufacturers, Dietary Supplements and Supply Chain Committees. , ... the consumer goods industry, it can be difficult for companies to navigate, stay ...
(Date:9/4/2015)... ... 2015 , ... Keeping mold top of mind is important when considering indoor ... can grow anywhere - on carpet, clothing, food, paper, and even in places you ... in the home is key to preventing mold growth, which if exposed to can ...
(Date:9/4/2015)... ... 04, 2015 , ... Mike Day, a former Navy SEAL who was shot ... World Championships in Kona on October 10th. , Mike is running the race to ... combat and the cutting-edge treatments that restore their quality of life. More ...
(Date:9/4/2015)... Los Angeles, CA (PRWEB) , ... September 04, 2015 , ... ... Residency Program was ranked number 9 nationwide by Doximity. Faculty, residents and ... USC, we take great pride in the quality of our ophthalmology residency program. Our ...
(Date:9/4/2015)... Seattle, Washington (PRWEB) , ... September 04, 2015 ... ... the design and development of its first neighborhood created specifically for adults with ... located in the Phoenix Metro area and feature 30 cottage or “pocket” homes. ...
Breaking Medicine News(10 mins):Health News:Inmar Experts To Address OTC Manufacturers’ Session on Hazardous Waste and Handling at CHPA Meeting 2Health News:Inmar Experts To Address OTC Manufacturers’ Session on Hazardous Waste and Handling at CHPA Meeting 3Health News:September is Mold Awareness Month 2Health News:September is Mold Awareness Month 3Health News:September is Mold Awareness Month 4Health News:Navy SEAL Shot 27 Times Competes in Ironman World Championship in Kona to Raise Money for Veteran's Suffering from TBI and PTSD 2Health News:USC Ophthalmology Residency Program Ranked in Top 10 by Doximity 2Health News:USC Ophthalmology Residency Program Ranked in Top 10 by Doximity 3Health News:Cottage Home Communities for Disabled Adults to Create First Viable Permanent Housing Option 2Health News:Cottage Home Communities for Disabled Adults to Create First Viable Permanent Housing Option 3Health News:Cottage Home Communities for Disabled Adults to Create First Viable Permanent Housing Option 4
... A gene called Six2 plays a critical role in ... of 'parent' stem cells constantly available to produce the ... the organ, //according to investigators at St. Jude Children's ... progenitor (unspecialized) cell develops characteristics specific to its job ...
... Kankova and colleagues from the Departments of Parasitology, Microbiology ... and GynCentrum, in the Czech Republic, women with dormant ... who are Toxoplasma negative. // ,Toxoplasma gondii ... with a universal occurrence of 20-80%. This study is ...
... There is mounting scientific evidence that moderate consumption of ... government as one to two servings daily -- may ... all.// ,Research conducted on the potential health benefits ... in the nation’s capital on Tuesday, October 10, at ...
... pneumonia -- a common bacterial pneumonia that can lead ... of Mayo Clinic Women's HealthSource is spreading the word: ... form of pneumonia and reduces the serious complications of ... the vaccine, or may not know that they are ...
... everyone can exercise in some way. For some people, ... are many options in exercise machines to help burn ... your age, activity preferences, budget and health, some aerobic ... The October issue of Mayo Clinic Health Letter covers ...
... of Health and Human Services to participate in an ... a potent message; to encourage the planning of care ... the details of the campaign said, “This campaign will ... begin thinking about their long-term care needs, such as ...
Cached Medicine News:Health News:Key Gene Controlling Kidney Development Found 2Health News:Effect of parasitic infection on baby's sex 2Health News:Science Behind Health Benefits of Moderate Beer Consumption 2Health News:Science Behind Health Benefits of Moderate Beer Consumption 3Health News:Home Is Where the Gym Is 2
(Date:9/4/2015)... 4, 2015  IGI Laboratories, Inc. (NYSE MKT: IG), ... generic pharmaceutical company, today announced it has submitted its ... Food and Drug Administration (FDA) of 2015, which brings ... at the FDA to twenty-nine. Jason ... "We believe our current pipeline of twenty-nine submissions, exclusive ...
(Date:9/4/2015)... Sep. 04, 2015 ... has announced the addition of the ... 2010-2019" report to their offering. ... containing repeating disaccharide units of Na-glucuronate-N-acetylglucosamine. As ... cartilage matrix, sodium hyaluronate can lubricate the ...
(Date:9/3/2015)... 3, 2015 Report Details What ... areas are going to grow at the fastest rates? ... 2025, assessing data, trends, opportunities and prospects there. ... graphs. Discover the most lucrative areas in the industry ... you assess forecasted sales at overall world market and ...
Breaking Medicine Technology:IGI Laboratories, Inc. Announces Seventh ANDA Submission Of 2015 2Investigation Report on China's Sodium Hyaluronate Market 2015 2Ophthalmic Devices Market Forecast 2015-2025: Future Prospects for Leading Companies in Vision Care, Surgical, Diagnostic & Monitoring Devices 2Ophthalmic Devices Market Forecast 2015-2025: Future Prospects for Leading Companies in Vision Care, Surgical, Diagnostic & Monitoring Devices 3Ophthalmic Devices Market Forecast 2015-2025: Future Prospects for Leading Companies in Vision Care, Surgical, Diagnostic & Monitoring Devices 4
... reference laboratory and a worldwide leader in ... an extensive test menu of highly complex ... anatomic pathology. Owned by the University of ... half of the nation's university teaching hospitals ...
... a national reference laboratory and a worldwide ... ARUP offers an extensive test menu of ... clinical and anatomic pathology. Owned by the ... more than half of the nation's university ...
... is a national reference laboratory and a ... development. ARUP offers an extensive test menu ... in clinical and anatomic pathology. Owned by ... include more than half of the nation's ...
... national reference laboratory and a worldwide leader ... offers an extensive test menu of highly ... and anatomic pathology. Owned by the University ... than half of the nation's university teaching ...
Medicine Products: