Heuristics and Biases: Support Theory: A Nonextensional Representation of Subjective Probability
@inproceedings{Tversky2002HeuristicsAB, title={Heuristics and Biases: Support Theory: A Nonextensional Representation of Subjective Probability}, author={Amos Tversky and Derek J. Koehler}, year={2002} }
This article presents a new theory of subjective probability according to which different descriptions of the same event can give rise to different judgments. The experimental evidence confirms the major predictions of the theory. First, judged probability increases by unpacking the focal hypothesis and decreases by unpacking the alternative hypothesis. Second, judged probabilities are complementary in the binary case and subadditive in the general case, contrary to both classical and…
Figures and Tables from this paper
8 Citations
Heuristics Or Rules of Thumb
- Business, Biology
- 2010
Heuristics differ from strictly rational modes of choice, endeavoring to take account of choice in real world contexts, and to categorize the deviations from traditional rational choice.
Time Discounting and Time Preference: A Critical Review
- Economics
- 2002
This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and "anomalies" - the empirical regularities that are inconsistent with its theoretical…
Will I Spend More in 12 Months or a Year? The Effect of Ease of Estimation and Confidence on Budget Estimates
- Business
- 2008
Consumers' budgets are influenced by the temporal frame used for the budget period. Budgets planned for the next month are much lower than recorded expenses, while those for the next year are closer…
A Method for Eliciting Utilities and its Application to Collective Choice
- Economics
- 2006
Designing a mechanism that provides a direct incentive for an individual to report her utility function over several alternatives is a difficult task. A framework for such mechanism design is the…
Mental Frameworks: Psychological, Religious, Philosophical, and Political
- Psychology
- 2020
An examination of mental frameworks which are used to process information and mental obstacles preventing the more widespread adaptation of the Wealth Creation Approach to poverty reduction is…
COP21 climate negotiators’ responses to climate model forecasts
- Environmental Science
- 2017
Communicating climate science requires depicting uncertainty. This study shows that the tendency for COP21 policymakers to assign model forecasts less weight than their prior beliefs when making…
Reframing the Discussion: Poverty Reduction, Wealth Creation, Economic Inclusion, and Freedom
- Economics
- 2020
It is likely a continuation of significant public opposition to the basic principles on which the Wealth Creation Approach is based could indirectly result of millions of people remaining in extreme…
Confusión e ignorancia en la decisión con incertidumbre y riesgo
- Art
- 2009
espanolPartiendo del analisis de Ricardo Pascale sobre nuevos paradigmas en el ambito de las decisio- nes economicas frente al riesgo, entramos en el debate interpretando la diferencia entre dichos…
References
SHOWING 1-10 OF 1,148 REFERENCES
Support theory: A nonextensional representation of subjective probability.
- Economics
- 1994
This article presents a new theory of subjective probability according to which different descriptions of the same event can give rise to different judgments. The experimental evidence confirms the…
Overconfidence in Probability and Frequency Judgments: A Critical Examination
- Psychology
- 1996
The overconfidence observed in calibration studies has recently been questioned on both psychological and methodological grounds. In the first part of the article we discuss these issues and argue…
Unpacking, repacking, and anchoring: advances in support theory.
- PsychologyPsychological review
- 1997
A significant extension of the theory in which the judged probability of an explicit disjunction is less than or equal to the sum of the judged probabilities of its disjoint components (explicit subadditivity) is presented.
A Note on Superadditive Probability Judgment
- Psychology
- 1999
Recent studies have demonstrated subadditivity of human probability judgment: The judged probabilities for an event partition sum to more than 1. We report conditions under which people's probability…
Frequency, Probability, and Prediction: Easy Solutions to Cognitive Illusions?
- PsychologyCognitive Psychology
- 1999
It is found that frequency-based predictions are different from-but no better than-case-specific judgments of probability, while results from studies of overconfidence in general knowledge and base rate neglect in categorical prediction underline a general conclusion.
Studies in subjective probability III: The unimportance of alternatives
- Mathematics
- 1983
In four experiments, student subjects were asked to estimate probabilities for a list of two to ten exhaustive, non-chance events, covering a variety of situations, both of prediction and diagnosis.…
Focus, repacking, and the judgment of grouped hypotheses
- Psychology
- 1999
Previous research has found that judged probabilities of two complementary singleton hypotheses sum to one. However, there may be important differences between judgment of singleton and disjunctive…
Similarity between Hypotheses and Evidence
- PsychologyCognitive Psychology
- 1999
Two novel consequences of similarity-based likelihood judgment are explored: the support of a disjunction is smaller than that of one of its components and the assessment of similarity produces consistent nonmonotonicities.
Preference and belief: Ambiguity and competence in choice under uncertainty
- Economics, Psychology
- 1991
We investigate the relation between judgments of probability and preferences between bets. A series of experiments provides support for the competence hypothesis that people prefer betting on their…