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Tomás Lejarraga
Max Planck Society
21Publications
7H-index
232Citations
Publications 21
Newest
Published on May 1, 2019in Evolution and Human Behavior2.96
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Michael Schulte-Mecklenbeck10
Estimated H-index: 10
(University of Bern)
+ 1 AuthorsRalph Hertwig44
Estimated H-index: 44
(MPG: Max Planck Society)
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,...
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Renato Frey8
Estimated H-index: 8
(University of Basel)
+ 1 AuthorsRalph Hertwig44
Estimated H-index: 44
(MPG: Max Planck Society)
Does birth order shape people’s propensity to take risks? Evidence is mixed. We used a three-pronged approach to investigate birth-order effects on risk taking. First, we examined the propensity to take risks as measured by a self-report questionnaire administered in the German Socio-Economic Panel, one of the largest and most comprehensive household surveys. Second, we drew on data from the Basel–Berlin Risk Study, one of the most exhaustive attempts to measure risk preference. This study admin...
Published on Oct 1, 2018in Journal of Behavioral Decision Making1.79
Eyal Ert17
Estimated H-index: 17
(HUJI: Hebrew University of Jerusalem),
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society)
Published on Apr 1, 2018in Journal of Economic Psychology1.56
Jolie M. Martin6
Estimated H-index: 6
(CMU: Carnegie Mellon University),
Tomás Lejarraga7
Estimated H-index: 7
(CMU: Carnegie Mellon University),
Cleotilde Gonzalez26
Estimated H-index: 26
(CMU: Carnegie Mellon University)
This laboratory study explores how decision makers weigh candidate reference prices for a stock differently depending on two contextual variables: (1) the motivation to adopt a high reference price as a potential seller versus a low reference price as a potential buyer, and (2) the availability of information about past prices versus reliance on memory alone. In our experiment, participants observed 60 sequences of stock prices, and after each, reported a neutral trading price at which they woul...
Published on Apr 1, 2018in Current Directions in Psychological Science4.48
Ralph Hertwig44
Estimated H-index: 44
(MPG: Max Planck Society),
Robin M. Hogarth44
Estimated H-index: 44
,
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society)
Experience and description are powerful ways of learning and adaptation. Recently, evidence has shown that these can imply systematically distinct cognitions and behaviors. However, there has been little integrative conceptual work. Drawing on different lines of research, we characterize experience and description, sketch the factors that influence learning from them, and suggest how to reconcile previously disparate research. We propose that much can be gained by studying the behavioral, cognit...
Published on Oct 24, 2017
José Lejarraga4
Estimated H-index: 4
,
Tomás Lejarraga7
Estimated H-index: 7
Published on Oct 1, 2017in Behavior Research Methods4.06
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Michael Schulte-Mecklenbeck10
Estimated H-index: 10
(University of Bern),
Daniel Smedema1
Estimated H-index: 1
(IU: Indiana University)
The recent introduction of inexpensive eyetrackers has opened up a wealth of opportunities for researchers to study attention in interactive tasks. No software package has previously been available to help researchers exploit those opportunities. We created “the pyeTribe,” a software package that offers, among others, the following features: first, a communication platform between many eyetrackers to allow for simultaneous recording of multiple participants; second, the simultaneous calibration ...
Published on Jun 1, 2017in Management Science4.22
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Johannes Müller-Trede3
Estimated H-index: 3
(UCSD: University of California, San Diego)
How do teams make joint decisions under risk when some team members learn about a prospect from description and others learn from experience? In a series of experiments, we find that two-person teams composed of one participant who learns from description and a second participant who learns from experience arrive at shared decisions via mutual concessions. In doing so, they attenuate individual biases, such as the overweighting and underweighting of the probability of rare events. The social int...
Published on Jun 1, 2017in Psychonomic Bulletin & Review3.70
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Ralph Hertwig44
Estimated H-index: 44
(MPG: Max Planck Society)
Until recently, loss aversion has been inferred exclusively from choice asymmetries in the loss and gain domains. This study examines the impact of the prospect of losses on exploratory search in a situation in which exploration is costly. Taking advantage of the largest available data set of decisions from experience, analyses showed that most people explore payoff distributions more under the threat of a loss than under the promise of a gain. This behavioral regularity thus occurs in both cost...
Published on Dec 1, 2016in Cognition3.54
Tomás Lejarraga7
Estimated H-index: 7
(MPG: Max Planck Society),
Jan K. Woike6
Estimated H-index: 6
(MPG: Max Planck Society),
Ralph Hertwig44
Estimated H-index: 44
(MPG: Max Planck Society)
Abstract A few years ago, the world experienced the most severe economic crisis since the Great Depression. According to the depression baby hypothesis, people who live through such macroeconomic shocks take less financial risk in their future lives (e.g., lower stock market participation). This hypothesis has previously been tested against survey data. Here, we tested it in a simulated experimental stock market (based on the Spanish stock index, IBEX-35), varying both the length of historical d...
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