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Preference Reversals in Decision Making Under Risk are Accompanied by Changes in Attention to Different Attributes.

Kim BE, Seligman D, Kable JW - Front Neurosci (2012)

Bottom Line: Consistent with previous work, we found that people exhibited systematic preference reversals between choices and bids.For two gambles matched in expected value, people systematically chose the higher probability option but provided a higher bid for the option that offered the greater amount to win.Our results suggest that the construction of value during decision making under risk depends on task context partly because the task differentially directs attention at probabilities vs. amounts.

View Article: PubMed Central - PubMed

Affiliation: Department of Psychology, University of Pennsylvania Philadelphia, PA, USA.

ABSTRACT
Recent work has shown that visual fixations reflect and influence trial-to-trial variability in people's preferences between goods. Here we extend this principle to attribute weights during decision making under risk. We measured eye movements while people chose between two risky gambles or bid on a single gamble. Consistent with previous work, we found that people exhibited systematic preference reversals between choices and bids. For two gambles matched in expected value, people systematically chose the higher probability option but provided a higher bid for the option that offered the greater amount to win. This effect was accompanied by a shift in fixations of the two attributes, with people fixating on probabilities more during choices and on amounts more during bids. Our results suggest that the construction of value during decision making under risk depends on task context partly because the task differentially directs attention at probabilities vs. amounts. Since recent work demonstrates that neural correlates of value vary with visual fixations, our results also suggest testable hypotheses regarding how task context modulates the neural computation of value to generate preference reversals.

No MeSH data available.


Related in: MedlinePlus

(A) Average number of fixations of $-bets and P-bets during choices and bids. (B) Average duration looking at $-bets and P-bets during choices and bids.
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Figure 3: (A) Average number of fixations of $-bets and P-bets during choices and bids. (B) Average duration looking at $-bets and P-bets during choices and bids.

Mentions: Subjects looked at the preferred gamble type more, fixating on P-bets more often during choice trials and $-bets more often during bid trials (Figure 3). This was evidenced by a significant interaction between trial type and gamble type for both the number of fixations, F(1, 22) = 44.25, p < 0.001, and for the duration of fixations, F(1, 22) = 23.53, p < 0.001, in our between-task analysis. Looking within each task, subjects made significantly more fixations on P-bets (mean = 8.73 ± 0.55) than on $-bets (mean = 7.55 ± 0.61) during choice trials, F(1, 22) = 27.48, p < 0.001. Subjects also spent significantly more time looking at P-bets (mean = 2,229 ± 191 ms) than at $-bets (mean = 2,050 ± 231 ms) during choice trials, F(1, 22) = 7.77, p = 0.01. In contrast, during bid trials, subjects made more fixations on $-bets (mean = 13.60 ± 0.98) than on P-bets (mean = 12.05 ± 0.93; F(1, 22) = 22.75, p < 0.001) and spent more time looking at $-bets (mean = 4,213 ± 445 ms) than at P-bets (mean = 3,727 ± 405 ms; F(1, 22) = 16.68, p < 0.001).


Preference Reversals in Decision Making Under Risk are Accompanied by Changes in Attention to Different Attributes.

Kim BE, Seligman D, Kable JW - Front Neurosci (2012)

(A) Average number of fixations of $-bets and P-bets during choices and bids. (B) Average duration looking at $-bets and P-bets during choices and bids.
© Copyright Policy - open-access
Related In: Results  -  Collection

License
Show All Figures
getmorefigures.php?uid=PMC3400145&req=5

Figure 3: (A) Average number of fixations of $-bets and P-bets during choices and bids. (B) Average duration looking at $-bets and P-bets during choices and bids.
Mentions: Subjects looked at the preferred gamble type more, fixating on P-bets more often during choice trials and $-bets more often during bid trials (Figure 3). This was evidenced by a significant interaction between trial type and gamble type for both the number of fixations, F(1, 22) = 44.25, p < 0.001, and for the duration of fixations, F(1, 22) = 23.53, p < 0.001, in our between-task analysis. Looking within each task, subjects made significantly more fixations on P-bets (mean = 8.73 ± 0.55) than on $-bets (mean = 7.55 ± 0.61) during choice trials, F(1, 22) = 27.48, p < 0.001. Subjects also spent significantly more time looking at P-bets (mean = 2,229 ± 191 ms) than at $-bets (mean = 2,050 ± 231 ms) during choice trials, F(1, 22) = 7.77, p = 0.01. In contrast, during bid trials, subjects made more fixations on $-bets (mean = 13.60 ± 0.98) than on P-bets (mean = 12.05 ± 0.93; F(1, 22) = 22.75, p < 0.001) and spent more time looking at $-bets (mean = 4,213 ± 445 ms) than at P-bets (mean = 3,727 ± 405 ms; F(1, 22) = 16.68, p < 0.001).

Bottom Line: Consistent with previous work, we found that people exhibited systematic preference reversals between choices and bids.For two gambles matched in expected value, people systematically chose the higher probability option but provided a higher bid for the option that offered the greater amount to win.Our results suggest that the construction of value during decision making under risk depends on task context partly because the task differentially directs attention at probabilities vs. amounts.

View Article: PubMed Central - PubMed

Affiliation: Department of Psychology, University of Pennsylvania Philadelphia, PA, USA.

ABSTRACT
Recent work has shown that visual fixations reflect and influence trial-to-trial variability in people's preferences between goods. Here we extend this principle to attribute weights during decision making under risk. We measured eye movements while people chose between two risky gambles or bid on a single gamble. Consistent with previous work, we found that people exhibited systematic preference reversals between choices and bids. For two gambles matched in expected value, people systematically chose the higher probability option but provided a higher bid for the option that offered the greater amount to win. This effect was accompanied by a shift in fixations of the two attributes, with people fixating on probabilities more during choices and on amounts more during bids. Our results suggest that the construction of value during decision making under risk depends on task context partly because the task differentially directs attention at probabilities vs. amounts. Since recent work demonstrates that neural correlates of value vary with visual fixations, our results also suggest testable hypotheses regarding how task context modulates the neural computation of value to generate preference reversals.

No MeSH data available.


Related in: MedlinePlus