Changing How Probability Is Represented Attenuates the Reflection Effect

Individuals tend to be risk averse in gains, but risk seeking in losses. In four experiments, we demonstrate that changing how probabilities are represented from percentages to a format that can be mentally simulated (e.g., a coin toss) can eliminate this risk-attitude asymmetry by altering riskier alternatives’ perceived likelihood.



Citation:

Kristen Duke, Daniel Mochon, and On Amir (2017) ,"Changing How Probability Is Represented Attenuates the Reflection Effect", in NA - Advances in Consumer Research Volume 45, eds. Ayelet Gneezy, Vladas Griskevicius, and Patti Williams, Duluth, MN : Association for Consumer Research, Pages: 196-199.

Authors

Kristen Duke, University of California San Diego, USA
Daniel Mochon, Tulane University, USA
On Amir, University of California San Diego, USA



Volume

NA - Advances in Consumer Research Volume 45 | 2017



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