The influence of probability format on elicited certainty equivalents

C.N. Noussair, B. Vogt

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Abstract

We compare six different formats for the presentation of probabilities, in terms of the certainty equivalents that they elicit from human participants, and the probability-weighting parameters that participants' decisions imply. We find substantial differences among formats, including a visual analogue of the ratio bias. The results indicate that experimental results concerning decision making under risk can be greatly affected by the presentation format employed.
Original languageEnglish
Title of host publicationDecision Making
Subtitle of host publicationNeural and Behavioural Approaches
EditorsV.S.C. Pammi, N. Srinivasan
Place of PublicationAmsterdam
PublisherElsevier
Pages151-171
Number of pages536
ISBN (Print)9780444626042
Publication statusPublished - 2013

Publication series

NameProgress in Brain Research
Number202

Fingerprint

Certainty equivalent
Decision making under risk
Probability weighting

Cite this

Noussair, C. N., & Vogt, B. (2013). The influence of probability format on elicited certainty equivalents. In V. S. C. Pammi, & N. Srinivasan (Eds.), Decision Making: Neural and Behavioural Approaches (pp. 151-171). (Progress in Brain Research; No. 202). Amsterdam: Elsevier.
Noussair, C.N. ; Vogt, B. / The influence of probability format on elicited certainty equivalents. Decision Making: Neural and Behavioural Approaches. editor / V.S.C. Pammi ; N. Srinivasan. Amsterdam : Elsevier, 2013. pp. 151-171 (Progress in Brain Research; 202).
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Noussair, CN & Vogt, B 2013, The influence of probability format on elicited certainty equivalents. in VSC Pammi & N Srinivasan (eds), Decision Making: Neural and Behavioural Approaches. Progress in Brain Research, no. 202, Elsevier, Amsterdam, pp. 151-171.

The influence of probability format on elicited certainty equivalents. / Noussair, C.N.; Vogt, B.

Decision Making: Neural and Behavioural Approaches. ed. / V.S.C. Pammi; N. Srinivasan. Amsterdam : Elsevier, 2013. p. 151-171 (Progress in Brain Research; No. 202).

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

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EP - 171

BT - Decision Making

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PB - Elsevier

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Noussair CN, Vogt B. The influence of probability format on elicited certainty equivalents. In Pammi VSC, Srinivasan N, editors, Decision Making: Neural and Behavioural Approaches. Amsterdam: Elsevier. 2013. p. 151-171. (Progress in Brain Research; 202).