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Research Article
The Cognitive Processes Underlying Risky Choice
Article first published online: 15 MAR 2012
DOI: 10.1002/bdm.1752
Copyright © 2012 John Wiley & Sons, Ltd.
Additional Information
How to Cite
Brandstätter, E. and Gussmack, M. (2013), The Cognitive Processes Underlying Risky Choice. J. Behav. Decis. Making, 26: 185–197. doi: 10.1002/bdm.1752
Publication History
- Issue published online: 12 MAR 2013
- Article first published online: 15 MAR 2012
Funded by
- Austrian Science Fund. Grant Number: P18907-G11
- Abstract
- Article
- References
- Cited By
Keywords:
- risky choice;
- heuristics;
- process tracing;
- decision making;
- verbal protocols;
- think-aloud protocols;
- priority heuristic
ABSTRACT
In this article, we tested two concepts of decision making: expected utility theory and heuristic choice. In Experiment 1, we applied think-aloud protocols to investigate violations of expected utility theory. In Experiments 2 to 4, we introduced a new process-tracing method—called predict-aloud protocols—that has advantages over previously suggested research methods. Results show the following: (i) people examine information between rather than within gambles; (ii) the priority heuristic emerges as the most frequently used strategy when problems are difficult; and (iii) people check for similarity when problems are easy. Copyright © 2012 John Wiley & Sons, Ltd.