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    Salience driven value integration explains decision biases and preference reversal

    Tsetsos, Konstantinos and Chater, N. and Usher, Marius (2012) Salience driven value integration explains decision biases and preference reversal. Proceedings of the National Academy of Sciences 109 (24), pp. 9659-9664. ISSN 1091-6490.

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    Abstract

    Human choice behavior exhibits many paradoxical and challenging patterns. Traditional explanations focus on how values are represented, but little is known about how values are integrated. Here we outline a psychophysical task for value integration that can be used as a window on high-level, multiattribute decisions. Participants choose between alternative rapidly presented streams of numerical values. By controlling the temporal distribution of the values, we demonstrate that this process underlies many puzzling choice paradoxes, such as temporal, risk, and framing biases, as well as preference reversals. These phenomena can be explained by a simple mechanism based on the integration of values, weighted by their salience. The salience of a sampled value depends on its temporal order and momentary rank in the decision context, whereas the direction of the weighting is determined by the task framing. We show that many known choice anomalies may arise from the microstructure of the value integration process.

    Metadata

    Item Type: Article
    Keyword(s) / Subject(s): decision making, decoy effects, value psychophysics, expanded judgement
    School: Birkbeck Schools and Departments > School of Science > Psychological Sciences
    Depositing User: Sarah Hall
    Date Deposited: 17 Dec 2015 16:28
    Last Modified: 17 Dec 2015 16:28
    URI: http://eprints.bbk.ac.uk/id/eprint/13817

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