Modelling Choice and Valuation in Decision Experiments

  title={Modelling Choice and Valuation in Decision Experiments},
  author={Graham Loomes},
This paper develops a parsimonious descriptive model of individual choice and valuation in the kinds of experiments that constitute a substantial part of the literature. It argues that most of the best-known ‘regularities’ observed in those experiments arise from a tendency for participants to perceive probabilities and payoffs in a particular way. This… CONTINUE READING