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:1/20/2017)... ... , ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh has posted a new ... says this generation is a time like no other and society needs to understand the ... says he does not want to sound like an old bible beater because religion has ...
(Date:1/20/2017)... ... January 20, 2017 , ... Lice Troopers, the lice removal company ... with school-aged children since the holiday season. , “It happens every year around ... sharing hugs and taking photos, which is the head-to-head gateway that lice need to ...
(Date:1/20/2017)... Viejo, California (PRWEB) , ... January 20, 2017 , ... ... easy to use inside of Final Cut Pro X," said Christina Austin - CEO ... on the RED Dragon. Utilizing the Dragon Sensor,TransFlare 4K Mystique lens flare and light ...
(Date:1/20/2017)... ... ... Word: Chocolate Biscuit”: a biographical account following a man who went on to support his ... Marlyn Ivey, born in Lynn Haven, Florida and at the age of 5, his family ... age, he joined the Navy and got married right out of boot camp. , ...
(Date:1/20/2017)... (PRWEB) , ... January 20, 2017 , ... “Journey to Christmas:” a beautiful and enchanting ... of published author, Kimberly Cordoves, a mother of three in Oklahoma City, and a devoted ... idea of writing a book has been in the back of my mind for years, ...
Breaking Medicine News(10 mins):
(Date:1/20/2017)... Jan 20, 2017 Research and Markets ... Market Trends, Opportunities, and Future" report to their offering. ... This research service ... trends, and technologies, and provides a snapshot of the key participants ... and forecasts are provided from 2016 to 2020. The market is ...
(Date:1/20/2017)... , VAE, January 20, 2017 ... gestiegenen Bedarf an Nothilfe   Die internationale humanitäre ... für Hilfsgüter zu schaffen   Seine ... Premierminister der VAE sowie Herrscher von Dubai ... internationalen Stadt der Hilfe (International Humanitarian City IHC) zu ...
(Date:1/19/2017)... YORK , Jan. 19, 2017 ... USD 233.7 billion by 2025, according to a ... market is anticipated to be predominantly driven by ... resulting into the large-scale production of new and ... the influx of drugs at an unprecedented rate ...
Breaking Medicine Technology: