Utility maximization and melioration: Internalities in individual choice

@inproceedings{Herrnstein1993UtilityMA,
  title={Utility maximization and melioration: Internalities in individual choice},
  author={Richard J. Herrnstein and George Loewenstein and Drazen Prelec and William Vaughan},
  year={1993}
}
How do people go about choosing between alternatives in relatively simple settings? This study explores some of the variables that past work suggests may be relevant. Volunteer subjects worked for money in six procedures in which the probability of a payment from either of two alternatives was 1.0, but the rate of pay (i.e. the speed with which a payment was delivered or the size of the payment) interacted with the subjects recent allocation of choices, which we define as the ‘internalities… CONTINUE READING

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