Journal articleFinancial Planning Review · September 1, 2018
Decumulation of wealth in retirement is a difficult task, requiring tradeoffs between longevity risks and immediate consumption needs. Economists have long argued that life annuities can be a valuable part of decumulation and that most retirees should annu ...
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Journal articleJournal of Marketing Research · June 1, 2017
Mortgage decisions have important consequences for consumers, lenders, and the state of the economy more generally. Mortgage decisions are also prototypical of consumer financial choices that involve a stream of expenditures and consumption occurring acros ...
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Journal articleJournal of Marketing Research · April 1, 2016
Decisions about life annuities are an important part of consumer decumulation of retirement assets, yet they are relatively underexplored by marketing researchers studying consumer financial decision making. In this article, the authors propose and estimat ...
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Journal articleCognitive Development · October 2015
Abstract Adolescence is often viewed as a time of irrational, risky decision-making—despite adolescents’ competence in other cognitive domains. In this study, we examined the strategies used by adolescents (N = 30) and young adults (N = 47) to resolve comp ...
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Journal articleOrganizational Behavior and Human Decision Processes · November 1, 2014
When faced with multi-outcome gambles involving possibilities of both gains and losses, people often use a simple heuristic that maximizes the overall probability of winning (Pwin). Across three different studies, using choice data as well as process data ...
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Journal articleJournal of Marketing Research · January 1, 2014
Frederick, Lee, and Baskin (2014) and Yang and Lynn (2014) argue that the conditions for obtaining the attraction effect are so restrictive that the practical validity of the attraction effect should be questioned. In this commentary, the authors first gro ...
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Journal articleJournal of Risk and Uncertainty · February 1, 2013
Life expectations are essential inputs for many important personal decisions. We propose that longevity beliefs are responses constructed at the time of judgment, subject to irrelevant task and context factors, and leading to predictable biases. Specifical ...
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Journal articleJournal of Consumer Psychology · January 1, 2013
We introduce an alternative perspective on the study of consumer judgment and decision making, which is based on the notion that judgment and choice problems consist of comparisons that decision makers might select. Our new perspective proposes that if we ...
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Journal articleJournal of Consumer Psychology · January 1, 2013
Our target article proposed an alternative perspective for studying consumer judgment and decision making, focusing on the types and weights of comparisons consumers select. In this response we consider the major points made by each of the commentators and ...
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Journal articleMarketing Letters · June 1, 2012
The way a choice is presented influences what a decision-maker chooses. This paper outlines the tools available to choice architects, that is anyone who present people with choices. We divide these tools into two categories: those used in structuring the c ...
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Journal articleThe Journal of neuroscience : the official journal of the Society for Neuroscience · March 2011
A single night of sleep deprivation (SD) evoked a strategy shift during risky decision making such that healthy human volunteers moved from defending against losses to seeking increased gains. This change in economic preferences was correlated with the mag ...
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Journal articleNeuron · May 2009
Adaptive decision making in real-world contexts often relies on strategic simplifications of decision problems. Yet, the neural mechanisms that shape these strategies and their implementation remain largely unknown. Using an economic decision-making task, ...
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Journal articlePsychological science · November 2008
Should individuals delegate thinking about complex choice problems to the unconscious? We tested two boundary conditions on this suggestion. First, we found that in a decision environment similar to those studied previously, self-paced conscious thought an ...
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Journal articleMarketing Science · September 1, 2008
In several marketing contexts, strategic complementarity between the actions of individual players demands that players coordinate their decisions to reach efficient outcomes. Yet coordination failure is a common occurrence. We show that the well-establish ...
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Journal articleJournal of Consumer Psychology · July 1, 2008
We advocate a different approach to the important questions that Simonson raises regarding preference construction. First, we argue that existing literature both acknowledges and addresses preference stability. In particular, we show that stable preference ...
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Journal articleJournal of Consumer Psychology · January 1, 2007
This article considers the consumer research implications of the Appraisal-Tendency Framework (ATF; Han, Lerner, & Keltner, 2007). This article outlines how the ATF approach could be applied to sequential consumer choices (e.g., effects of emotional respon ...
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Journal articleJournal of Risk and Uncertainty · January 1, 2005
Imagine that you own a five-outcome gamble with the following payoffs and probabilities: ($100, .20; $50, .20; $0, .20; -$25, .20; -$50, .20). What happens when the opportunity to improve such a gamble is provided by a manipulation that adds value to one o ...
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Journal articleJournal of Consumer Research · June 1, 2004
A robust finding in research on message framing is that negatively framed messages are more (less) effective than positively framed ones when the level of cognitive elaboration is high (low). However, recent research presents evidence that is contrary to p ...
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Journal articleOrganizational behavior and human decision processes · March 2000
This paper examines how decision makers cope when faced with trade-offs between a higher quality alternative and a lower price alternative in situations where both alternatives involve relatively unfavorable versus relatively favorable values for quality. ...
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Journal articleJournal of Risk and Uncertainty · January 1, 2000
We examined sequence effects on willingness-to-pay (WTP) when people evaluate a series of environmental goods. Each respondent evaluated five different environmental goods using WTP and four evaluative attitude ratings. There was a strong sequence effect: ...
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Journal articleMarketing Letters · January 1, 2000
Recent research indicates that attributes vary along multiple dimensions with implications for how trade-offs are resolved during choice. We present an exploratory study of the dimensionality underlying naïve subjects' ratings of attributes on the characte ...
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Journal articleLaw and Human Behavior · September 13, 1999
An experiment was conducted to investigate whether hindsight bias influences an important class of legal decisions - civil jurors' judgments of liability for punitive damages. Jury-eligible citizens were shown a videotaped summary of the circumstances surr ...
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Journal articleLaw and Human Behavior · August 5, 1999
Two experiments were conducted to study the manner in which civil jurors assess punitive damage awards. Jury-eligible citizens were shown a videotaped summary of an environmental damage lawsuit and told that the defendant had already paid compensatory dama ...
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Journal articleJournal of Marketing Research · May 1, 1999
In this article, the authors explore whether choice patterns are sensitive to the potential of relevant trade-offs to elicit negative emotion. Across three experiments, decision makers increasingly use a choice strategy that maximizes quality at the expens ...
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Journal articleJournal of Risk and Uncertainty · January 1, 1999
A "building code" for preference measurement is needed in a world in which many expressions of preference are constructed when people are asked a valuation question. Construction of preferences means that preference measurement is best viewed as architectu ...
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Journal articleJournal of Marketing Research · January 1, 1999
In this article, the authors explore whether choice patterns are sensitive to the potential of relevant trade-offs to elicit negative emotion. Across three experiments, decision makers increasingly use a choice strategy that maximizes quality at the expens ...
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Journal articleLaw and Human Behavior · June 20, 1998
A study was conducted to investigate civil juries' decisions concerning defendants' liability for punitive damages in tort cases. A total of 121 six- member mock juries composed of jury-service-eligible citizens were presented summaries of previously decid ...
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Journal articleJournal of Consumer Research · January 1, 1998
Consumer decision making has been a focal interest in consumer research, and consideration of current marketplace trends (e.g., technological change, an information explosion) indicates that this topic will continue to be critically important. We argue tha ...
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Journal articleJournal of Consumer Research · January 1, 1998
Marketers often base decisions about marketing strategies on the results of research designed to elicit information about consumers' preferences. A large body of research indicates, however, that preferences often are labile. That is, preferences can be re ...
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Journal articleJournal of experimental psychology. Learning, memory, and cognition · March 1997
Choice conflicts between one's important values may cause negative emotion. This article extends the standard effort-accuracy approach to explaining task influences on decision processing by arguing that coping goals will interact with effort minimization ...
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Journal articleJournal of Consumer Research · January 1, 1997
This article examines the effects of negative and positive framing of ad claims on consumers' choices and attitudes. Propositions about how the extent of processing before choice affects the relative impact of claims-related versus advertising tactics-rela ...
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Journal articleOrganizational Behavior and Human Decision Processes · January 1, 1996
Decison-making dilemmas can arise because errors may result either from deciding too soon or from delaying decisions too long. Delay can result in lost opportunities or reductions in payoffs from the most accurate decision. This paper investigates decision ...
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Journal articleJournal of Risk and Uncertainty · May 1, 1995
This article reports the results of a panel study investigating the effects of different radon risk information booklets on households' decisions to undertake mitigation. Multinomial logit models are used to describe how differences in the design of the in ...
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Journal articleEcological Economics · January 1, 1995
In Spring 1991, the U.S. Environmental Protection Agency convened an expert group of ecologists, economists and other social scientists for the purpose of advancing the state of the art of ecosystem valuation methods. This Ecosystem Valuation Forum was org ...
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Journal articlePsychology of Learning and Motivation Advances in Research and Theory · January 1, 1995
This chapter discusses that people use a variety of strategies to solve decision problems, and it depends on the properties of the choice task as to which strategies they use. Selecting a particular strategy, or deciding how to decide, results from a trade ...
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Journal articleJournal of Environmental Economics and Management · January 1, 1994
This paper investigates what a respondent is thinking when answering a willingness-to-pay question in a contingent valuation, using a "think aloud" technique from psychology called verbal protocol analysis. The willingness-to-pay responses we observed seem ...
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Journal articleJournal of Experimental Psychology Learning Memory and Cognition · January 1, 1993
We examined the degree to which individuals adapt their decision processes to the degree of interattribute correlation and conflict characterizing a decision problem. On the basis of an effort-accuracy framework for adaptive decision making, we predicted t ...
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Journal articleActa Psychologica · January 1, 1992
A viewpoint that has recently emerged in decision research is that preferences for objects of any complexity are often constructed - not merely revealed - in generating a response to a judgement or choice task. This paper reviews a program of research that ...
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Journal articleJournal of Behavioral Decision Making · January 1, 1990
This paper examines the impact of accuracy feedback, effort feedback, and emphasis on either a goal of maximizing accuracy relative to effort or minimizing effort relative to accuracy on decision processes. Feedback on the accuracy of decisions leads to mo ...
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Journal articleIEEE Transactions on Systems Man and Cybernetics · January 1, 1990
When making choices, people use a variety of information processing strategies, contingent upon a number of task and context variables. An approach to investigating contingent decision behavior using an effort/accuracy framework, production system modeling ...
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Journal articleOrganizational Behavior and Human Decision Processes · January 1, 1990
We examine the effort required to execute decision strategies and propose a set of elementary information processes (EIPs) (e.g., reads, additions, comparisons) as a common language for describing these strategies. Based upon these component processes, a m ...
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Journal articleOrganizational Behavior and Human Decision Processes · January 1, 1988
Preference reversals occur when a decision maker prefers one option to another in one response mode but reverses that ordering when preferences are elicited in another response mode. We report the results of two experiments which significantly impact the f ...
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Journal articleJournal of Experimental Psychology Learning Memory and Cognition · January 1, 1988
The role of effort and accuracy in the adaptive use of decision processes is examined. A computer simulation using the concept of elementary information processes identified heuristic choice strategies that approximate the accuracy of normative procedures ...
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Journal articleJournal of Policy Analysis and Management · January 1986
AbstractAmong alternative regulatory responses, information provision programs are receiving increasing attention despite the decidedly mixed evidence about their effectiveness. This paper provides detailed experimental evi ...
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Journal articleManagement Science · January 1, 1985
It has been hypothesized that strategy selection is, in part, a function of (1) the ability of a strategy to produce an accurate response and (2) the strategy's demand for mental resources or effort. The authors examine effort and accuracy and their role i ...
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Journal articleManagement Science · January 1, 1984
This investigation draws upon concepts from prospect theory and multiattribute utility theory in an examination of the multiattribute risky choice behavior of 128 managers. The questions of how managers edit multiatribute prospects and how editing relates ...
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Journal articlePsychological Bulletin · September 1, 1982
Reviews the literature showing the effects of task and context variables on decision behavior and evaluates alternative theories for handling task and context effects. These frameworks include (a) cost/benefit principles, (b) perceptual processes, and (c) ...
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Journal articleManagement Science · August 1981
This Note extends the work reported in Payne, Laughhunn, and Crum (Payne, J. W., D. J. Laughhunn, R. Crum. 1980. Translation of gambles and aspiration level effects in risky choice behavior. Management Sci. 26 1039–1060.) on the need to incorporat ...
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Journal articleManagement Science · January 1, 1980
A report is presented on the risk preferences for below target returns of 224 managers from the U. S. , Canada, and Europe. When only non-ruinous losses were involved, 71% of the managers were risk seeking for below target returns. The distribution of risk ...
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Journal articleManagement Science · January 1, 1980
Two recent models of risky decision-making have emphasized the importance of a target return or a reference point in determining preferences and choices among gambles. Target returns and reference points represent variations on the concept of an aspiration ...
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Journal articleMemory & cognition · September 1978
The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially cons ...
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Journal articleOrganizational Behavior and Human Performance · January 1, 1978
A trend in the study of decision behavior is the increased emphasis being placed on understanding the psychological processes underlying observed judgments or choices. Unfortunately, the input-output analyses that have been used by most decision researcher ...
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Journal articleJournal of Applied Psychology · October 1, 1977
Two important factors in determining the assignment of prison term are crime seriousness and risk of recidivism. Although seriousness can be judged from the crime category, risk judgments require further details about the offense and the offender. 64 colle ...
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Journal articleOrganizational Behavior and Human Performance · January 1, 1976
Two process tracing techniques, explicit information search and verbal protocols, were used to examine the information processing strategies subjects use in reaching a decision. Subjects indicated preferences among apartments. The number of alternatives av ...
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Journal articleJournal of Experimental Psychology: Human Perception and Performance · January 1, 1975
Investigated the concept of risk and its role in determining preferences, using pairs of specifically constructed 3-outcome gambles. Ss were 47 undergraduates. The risk dimensions, probabilities of winning and losing, and amounts to be won or lost were dif ...
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Journal articlePsychological Bulletin · December 1, 1973
Suggests that the literature on individual decision making under risk is characterized by 2 approaches to the description of gambles. The 1st describes gambles as probability distributions over sets of outcomes. Models of decision making developed within t ...
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Journal articleJournal of Experimental Psychology · January 1, 1971
Explored the relative merit of risk dimension (probabilities of winning and losing, and amounts to be won or lost) and moment (expected value, variance, and skewness) explanations of decision making under risk, using pairs of specially constructed duplex g ...
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Journal articleJournal of Experimental Psychology · September 1, 1969
Elicited judgments of relative slant by a paired-comparison method from 24 undergraduates Ss in each of 3 experiments. The stimuli were computer-generated slides representing regular dot patterns (Exp. I), regular line patterns (Exp. II), or random dot pat ...
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