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To maximize gains or to minimize losses?

Authors
Dr. Pele Schramm
Technion, Israel Institute of Technology ~ Industrial Engineering and Management
Eldad Yechiam
Technion, Israel Institute of Technology, Israel
Abstract

In a repeated decisions task, subjects were asked to choose between minimizing their chances of losses and maximizing their chances of gains. After each trial, both losses and gains were simultaneously reported (even if 0). The probabilities of losses and gains were manipulated by the choices of the participants such that the expected value of net earnings was 0 regardless of choice, but negative if participants failed to make a choice in time. Multiple iterations of the study were conducted, manipulating factors such as payoff magnitudes, probabilities, and time limit. In addition to the primary task, additional measures were included as covariates such as for loss-aversion and behavioral approach/inhibition(BIS/BAS). Participants were compensated monetarily for their time by an amount partially dictated by their task earnings. The talk will overview the changing patterns of responses over the course of the task for the different conditions and their connection to the measured covariates.

Tags

Keywords

Decision
Loss
Gain
Probability
Experience

Topics

Decision Making
Learning
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