Economic Decision-Making Compared with an Equivalent Motor Task

Economic Decision-Making Compared with an Equivalent Motor Task

There is considerable evidence that human economic decisionmaking deviates from the predictions of expected utility theory (EUT) and that human performance conforms to EUT in many perceptual and motor decision tasks. It is possible that these results reflect a real difference in decision-making in t...

Ausführliche Beschreibung

Bibliographische Detailangaben
Veröffentlicht in:Proceedings of the National Academy of Sciences of the United States of America. - National Academy of Sciences of the United States of America. - 106(2009), 15, Seite 6088-6093
1. Verfasser: Wu, Shih-Wei (VerfasserIn)
Weitere Verfasser: Delgado, Mauricio R., Maloney, Laurence T., Dixit, Avinash K.
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2009
Zugriff auf das übergeordnete Werk:Proceedings of the National Academy of Sciences of the United States of America
Schlagworte:expected utility theory independence axiom movement planning prospect theory decision from experience Mathematics Philosophy Economics Behavioral sciences
LEADER 01000caa a22002652 4500
001 JST070253803
003 DE-627
005 20240622205305.0
007 cr uuu---uuuuu
008 150325s2009 xx |||||o 00| ||eng c
035 |a (DE-627)JST070253803 
035 |a (JST)40482048 
040 |a DE-627  |b ger  |c DE-627  |e rakwb 
041 |a eng 
100 1 |a Wu, Shih-Wei  |e verfasserin  |4 aut 
245 1 0 |a Economic Decision-Making Compared with an Equivalent Motor Task 
264 1 |c 2009 
336 |a Text  |b txt  |2 rdacontent 
337 |a Computermedien  |b c  |2 rdamedia 
338 |a Online-Ressource  |b cr  |2 rdacarrier 
520 |a There is considerable evidence that human economic decisionmaking deviates from the predictions of expected utility theory (EUT) and that human performance conforms to EUT in many perceptual and motor decision tasks. It is possible that these results reflect a real difference in decision-making in the 2 domains but it is also possible that the observed discrepancy simply reflects typical differences in experimental design. We developed a motor task that is mathematically equivalent to choosing between lotteries and used it to compare how the same subject chose between classical economic lotteries and the same lotteries presented in equivalent motor form. In experiment 1, we found that subjects are more risk seeking in deciding between motor lotteries. In experiment 2, we used cumulative prospect theory to model choice and separately estimated the probability weighting functions and the value functions for each subject carrying out each task. We found no patterned differences in how subjects represented outcome value in the motor and the classical tasks. However, the probability weighting functions for motor and classical tasks were markedly and significantly different. Those for the classical task showed a typical tendency to overweight small probabilities and underweight large probabilities, and those for the motor task showed the opposite pattern of probability distortion. This outcome also accounts for the increased risk-seeking observed in the motor tasks of experiment 1. We conclude that the same subject distorts probability, but not value, differently in making identical decisions in motor and classical form. 
650 4 |a expected utility theory 
650 4 |a independence axiom 
650 4 |a movement planning 
650 4 |a prospect theory 
650 4 |a decision from experience 
650 4 |a Mathematics  |x Mathematical expressions  |x Mathematical functions  |x Weighting functions 
650 4 |a Philosophy  |x Applied philosophy  |x Philosophy of science  |x Scientific method  |x Experimentation 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Expected utility 
650 4 |a Behavioral sciences  |x Behavioral economics  |x Prospect theory 
650 4 |a Philosophy  |x Applied philosophy  |x Philosophy of science  |x Scientific method  |x Experimentation  |x Experiment design 
650 4 |a Economics  |x Economic disciplines  |x Applied economics  |x Economic modeling  |x Economic models 
650 4 |a Economics  |x Economic theory  |x Classical economics 
650 4 |a Economics  |x Economic research  |x Economic analysis  |x Economic value 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Perception  |x Perceptual processing  |x Perceptual motor coordination  |x Motor ability 
650 4 |a Mathematics  |x Mathematical expressions  |x Mathematical functions  |x Weighting functions 
650 4 |a Philosophy  |x Applied philosophy  |x Philosophy of science  |x Scientific method  |x Experimentation 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Expected utility 
650 4 |a Behavioral sciences  |x Behavioral economics  |x Prospect theory 
650 4 |a Philosophy  |x Applied philosophy  |x Philosophy of science  |x Scientific method  |x Experimentation  |x Experiment design 
650 4 |a Economics  |x Economic disciplines  |x Applied economics  |x Economic modeling  |x Economic models 
650 4 |a Economics  |x Economic theory  |x Classical economics 
650 4 |a Economics  |x Economic research  |x Economic analysis  |x Economic value 
650 4 |a Behavioral sciences  |x Psychology  |x Cognitive psychology  |x Perception  |x Perceptual processing  |x Perceptual motor coordination  |x Motor ability 
655 4 |a research-article 
700 1 |a Delgado, Mauricio R.  |e verfasserin  |4 aut 
700 1 |a Maloney, Laurence T.  |e verfasserin  |4 aut 
700 1 |a Dixit, Avinash K.  |e verfasserin  |4 aut 
773 0 8 |i Enthalten in  |t Proceedings of the National Academy of Sciences of the United States of America  |d National Academy of Sciences of the United States of America  |g 106(2009), 15, Seite 6088-6093  |w (DE-627)254235379  |w (DE-600)1461794-8  |x 10916490  |7 nnns 
773 1 8 |g volume:106  |g year:2009  |g number:15  |g pages:6088-6093 
856 4 0 |u https://www.jstor.org/stable/40482048  |3 Volltext 
912 |a GBV_USEFLAG_A 
912 |a SYSFLAG_A 
912 |a GBV_JST 
912 |a GBV_ILN_11 
912 |a GBV_ILN_20 
912 |a GBV_ILN_22 
912 |a GBV_ILN_23 
912 |a GBV_ILN_24 
912 |a GBV_ILN_31 
912 |a GBV_ILN_39 
912 |a GBV_ILN_40 
912 |a GBV_ILN_60 
912 |a GBV_ILN_62 
912 |a GBV_ILN_63 
912 |a GBV_ILN_65 
912 |a GBV_ILN_69 
912 |a GBV_ILN_70 
912 |a GBV_ILN_73 
912 |a GBV_ILN_74 
912 |a GBV_ILN_90 
912 |a GBV_ILN_95 
912 |a GBV_ILN_100 
912 |a GBV_ILN_105 
912 |a GBV_ILN_110 
912 |a GBV_ILN_120 
912 |a GBV_ILN_151 
912 |a GBV_ILN_161 
912 |a GBV_ILN_168 
912 |a GBV_ILN_170 
912 |a GBV_ILN_171 
912 |a GBV_ILN_213 
912 |a GBV_ILN_230 
912 |a GBV_ILN_252 
912 |a GBV_ILN_285 
912 |a GBV_ILN_293 
912 |a GBV_ILN_370 
912 |a GBV_ILN_374 
912 |a GBV_ILN_381 
912 |a GBV_ILN_602 
912 |a GBV_ILN_702 
912 |a GBV_ILN_2001 
912 |a GBV_ILN_2003 
912 |a GBV_ILN_2005 
912 |a GBV_ILN_2006 
912 |a GBV_ILN_2009 
912 |a GBV_ILN_2010 
912 |a GBV_ILN_2011 
912 |a GBV_ILN_2014 
912 |a GBV_ILN_2015 
912 |a GBV_ILN_2018 
912 |a GBV_ILN_2020 
912 |a GBV_ILN_2021 
912 |a GBV_ILN_2026 
912 |a GBV_ILN_2027 
912 |a GBV_ILN_2044 
912 |a GBV_ILN_2050 
912 |a GBV_ILN_2057 
912 |a GBV_ILN_2061 
912 |a GBV_ILN_2088 
912 |a GBV_ILN_2107 
912 |a GBV_ILN_2110 
912 |a GBV_ILN_2190 
912 |a GBV_ILN_2360 
912 |a GBV_ILN_2943 
912 |a GBV_ILN_2946 
912 |a GBV_ILN_2949 
912 |a GBV_ILN_2951 
912 |a GBV_ILN_4012 
912 |a GBV_ILN_4035 
912 |a GBV_ILN_4037 
912 |a GBV_ILN_4046 
912 |a GBV_ILN_4112 
912 |a GBV_ILN_4125 
912 |a GBV_ILN_4126 
912 |a GBV_ILN_4242 
912 |a GBV_ILN_4249 
912 |a GBV_ILN_4251 
912 |a GBV_ILN_4305 
912 |a GBV_ILN_4306 
912 |a GBV_ILN_4307 
912 |a GBV_ILN_4313 
912 |a GBV_ILN_4322 
912 |a GBV_ILN_4323 
912 |a GBV_ILN_4324 
912 |a GBV_ILN_4325 
912 |a GBV_ILN_4335 
912 |a GBV_ILN_4338 
912 |a GBV_ILN_4346 
912 |a GBV_ILN_4367 
912 |a GBV_ILN_4393 
912 |a GBV_ILN_4700 
951 |a AR 
952 |d 106  |j 2009  |e 15  |h 6088-6093