Lottery attractiveness and presentation mode of probability and value information

The attractiveness of lotteries that vary in p (probability) and o (outcome) depends on the presentation mode of p and o information. Extending previous findings on temporally experienced p , we manipulate the numerically stated versus spatially experienced format of both p (graphical presentation of a distribution of lottery tickets in an urn) and o (distribution of money notes). Lottery attractiveness ratings were sensitive to the expected value (EV), but p received more weight than o at constant EV levels ( p ‐dominance). Both EV sensitivity and p ‐dominance were enhanced for experienced p and numerical o . This format particularly revealed the unattractiveness of low‐ p lotteries. Experiencing p was functional in terms of accuracy and high‐risk avoidance, but only when the task environments rendered p diagnostic of EV. The presentation mode manipulations did not affect the initial perception stage but the relative weighting of p and o in the final judgment integration stage. Copyright © 2010 John Wiley & Sons, Ltd.