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Psychonomic Bulletin & Review : Volume 6, Issue 3, September 1999

Psychonomic Bulletin & Review : Volume 6, Issue 2, June 1999

Psychonomic Bulletin & Review : Volume 6, Issue 1, March 1999

Psychonomic Bulletin & Review : Volume 5

Psychonomic Bulletin & Review : Volume 4

Changing plans: Dynamic inconsistency and the effect of experience on the reference point

Content Provider	Springer Nature Link
Author	Barkan, Rachel Busemeyer, Jerome R.
Copyright Year	1999
Abstract	This article presents a new test of a principle of decision making calleddynamic consistency. This principle was tested in an experiment in which participants were asked to make decisions about a second gamble within a sequence of two gambles. Participants were first asked to make a planned choice about the second gamble. The planned choice was madebefore the first gamble was played and was conditioned on the anticipated outcomes of the first gamble.After the first gamble was played, the same participants were asked to make a final choice about the second gamble, conditioned on the experienced outcome of the first gamble. The results showed that participants’ final choices were frequently inconsistent with their plans, even when the anticipated and experienced outcomes were identical. These inconsistencies occurred in a systematic direction. Experiencing an anticipated gain resulted with a change toward risk aversion, and experiencing an anticipated loss resulted in a change toward risk seeking. These results are explained in terms of the effect of actual experience on the reference point used for the evaluation of the decision problem.
Starting Page	547
Ending Page	554
Page Count	8
File Format	PDF
ISSN	10699384
Journal	Psychonomic Bulletin & Review
Volume Number	6
Issue Number	4
e-ISSN	15315320
Language	English
Publisher	Springer-Verlag
Publisher Date	1999-01-01
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Cognitive Psychology
Content Type	Text
Resource Type	Article
Subject	Experimental and Cognitive Psychology Arts and Humanities Developmental and Educational Psychology

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