Last.Ralph Hertwig(MPG: Max Planck Society)H-Index: 46
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Abstract Loss aversion is often assumed to be a basic and far-reaching psychological regularity in behavior. Yet empirical evidence is accumulating to challenge the assumption of widespread loss aversion in choice. We suggest that a key reason for the apparently elusive nature of loss aversion may be that its manifestation in choice is state-dependent and distinct from a more state-independent principle of heightened attention to losses relative to gains. Using data from process-tracing studies,...
Higher cognitive functions are the product of a dynamic interplay of perceptual, mnemonic, and other cognitive processes. Modeling the interplay of these processes and generating predictions about both behavioral and neural data can be achieved with cognitive architectures. However, such architectures are still used relatively rarely, likely because working with them comes with high entry-level barriers. To lower these barriers, we provide a methodological primer for modeling higher cognitive fu...
Last.Ralph Hertwig(MPG: Max Planck Society)H-Index: 46
view all 4 authors...
Uncertainty about the waiting time before obtaining an outcome is integral to intertemporal choice. Here, we showed that people express different time preferences depending on how they learn about ...
The high rewards people desire are often unlikely. Here, we investigated whether decision-makers exploit such ecological correlations between risks and rewards to simplify their information processing. In a learning phase, participants were exposed to options in which risks and rewards were negatively correlated, positively correlated, or uncorrelated. In a subsequent risky choice task, where the emphasis was on making either a ‘fast’ or the ‘best’ possible choice, participants’ eye movements we...