Dynamic Decision-Making under Uncertainty: An Experimental Investigation of Choices between Accumulator Gambles

R.P. Cubitt, R. Sugden

Research output: Contribution to journalArticle

20 Citations (Scopus)

Abstract

This paper presents an experiment that is designed to be more effective than previous studies at reproducing in the laboratory the affective experiences of risk-taking, such as hope, fear, thrill, pain of loss, regret, disappointment or elation. The use of dynamic choice problems involving accumulator gambles, and a particular randomisation device to resolve them, are central to the design. Our results both are inconsistent with orthodox dynamic choice theory and cast doubt on the generality of effects observed in previous designs. We discuss these findings, in terms of the relative impacts on behaviour of affective experience and judgement.
Original languageEnglish
Pages (from-to)103-128
Number of pages26
JournalJournal of Risk and Uncertainty
Volume22
Issue number2
DOIs
Publication statusPublished - 1 Jan 2001

Keywords

  • affective experience
  • dynamic choice
  • separability
  • timing independence
  • reduction
  • accumulator gambles

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