The impact of the certainty context on the process of choice.

  title={The impact of the certainty context on the process of choice.},
  author={John Dickhaut and Kevin McCabe and Jennifer C. Nagode and Aldo Rustichini and Kip Smith and Jos{\'e} V. Pardo},
  journal={Proceedings of the National Academy of Sciences of the United States of America},
  volume={100 6},
In this study we examine how the introduction of a reference lottery with nonrandom outcomes alters the way in which choices among pairs of lotteries are made, even if it does not alter the choices. We use different domains (some of the lotteries produce gains, other losses) and different contexts (one member of the pair, the reference lottery, may be either risky or certain). In our experiment, the change from gain to loss domain affects choices: subjects are risk averse in the gain domain… CONTINUE READING