Premium
Lottery attractiveness and presentation mode of probability and value information
Author(s) -
Fiedler Klaus,
Unkelbach Christian
Publication year - 2011
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.685
Subject(s) - lottery , attractiveness , weighting , dominance (genetics) , psychology , perception , presentation (obstetrics) , social psychology , stochastic dominance , mode (computer interface) , statistics , cognitive psychology , mathematics , computer science , medicine , human–computer interaction , biochemistry , chemistry , neuroscience , gene , psychoanalysis , radiology
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.