Charper 3: Risk preferences in sequential gambling decisions: A study with be ing games with and without requirement of previous effort
Fecha
2022
Profe guía
Perfil ORCID
Título de la revista
ISSN de la revista
Título del volumen
Editor
Nova
ISBN
9781685075330
ISSN
ISSNe
Resumen
In this chapter, we present the results of two studies involving a series of consecutive decisions in which subjects have the option to play a game or abstain from playing the game in order to maintain the status quo. Both studies are identical, but the second study incorporates the effort requirements to access risk options. According to the Prospect Theory, decisions are dependent on a reference value, and therefore, a subject’s preference for risk depends on whether the subject is in the gain or loss domain with respect to how the game’s outcome is perceived. However, in the case of concurrent decisions, the results obtained immediately prior could alter the relationship between the reference value and the subject’s attitude towards risk, creating a shift in the initial reference point. The results of the first study indicate that the initial endowment of the game is robust. Throughout the sequence of decisions, the endowment remains as a fixed reference point, which determines the risk preferences of the participants. However, in the second study, the effort requirements cause a change in the effect of the initial reference point. We interpret this effect as a change in the slope of the reference value curve.
Descripción
Lugar de Publicación
New York
Sponsorship
Citación
En: García Cadena, Cirilo; Castro Saucedo, Laura Karina (editors). Research on Hispanic Psychology: Volume 2. Nova, 2022. pp. 55-87.
Palabras clave
Risk attitudes, Prospect theory, Best, Endowment, Reference point, Effort
Licencia
Atribución-NoComercial-CompartirIgual 3.0 Chile (CC BY-NC-SA 3.0 CL)