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:6/27/2016)... ... 27, 2016 , ... TherapySites, the leading website ... Tennessee Counseling Association. This new relationship allows TherapySites to continue to ... adding exclusive benefits and promotional offers. , "TCA is extremely excited about this ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, ... Festival and World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility ... home to some of the world’s leading providers of cereal and other breakfast foods. ...
(Date:6/25/2016)... ... June 25, 2016 , ... ... issues and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the ... several important health care topics including advance care planning, healthcare costs and patient ...
(Date:6/25/2016)... , ... June 25, 2016 , ... As a lifelong ... Cum Laude and his M.D from the David Geffen School of Medicine at UCLA. ... to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai ...
(Date:6/24/2016)... Marne, Michigan (PRWEB) , ... June 24, 2016 , ... ... To deal with these feelings, many turn to unhealthy avenues, such as drug or ... Center of Marne, Michigan, has released tools for healthy coping following a traumatic event. ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... -- The vast majority of dialysis patients currently receive ... usually 3 times a week, with treatment times averaging ... equipment preparation and wait time.  This regimen can be ... who are elderly and frail.  Many elderly dialysis patients ... for some duration of time. Residents in ...
(Date:6/23/2016)... 23, 2016  Experian Health, the healthcare ... the patient payment and care experience, today ... products and services that will enhance the ... offerings. These award-winning solutions will enable healthcare ... compliant in an ever-changing environment and redefine ...
(Date:6/23/2016)... -- The National Pharmaceutical Council (NPC) today announced that ... organization as its newest member.  ... and chief scientific officer, Mallinckrodt Pharmaceuticals, will serve ... of Directors. ... in support of our efforts to conduct research ...
Breaking Medicine Technology: