Minimal Frames and Transparent Frames for Risk, Time, and Uncertainty

Published Online:https://doi.org/10.1287/mnsc.2018.3167

References

  • Allais M (1953) Le comportement de l’homme rationnel devant le risque: Critiques des postulats et axioms de l’ecole Americaine. Econometrica 21:503–546.CrossrefGoogle Scholar
  • Anscombe FJ, Aumann RJ (1963) A definition of subjective probability. Ann. Math. Statist. 34:199–205.CrossrefGoogle Scholar
  • Birnbaum MH (1999) Paradoxes of Allais, stochastic dominance, and decision weights. Shanteau J, Mellers BA, Schum DA, eds. Decision Science and Technology: Reflections on the Contributions of Ward Edwards (Kluwer, Norwell, MA), 27–52.CrossrefGoogle Scholar
  • Birnbaum MH (2004) Tests of rank-dependent utility and cumulative prospect theory in gambles represented by natural frequencies: Effects of format, event framing, and branch splitting. Organ. Behav. Human Decision Processes 95:40–65.CrossrefGoogle Scholar
  • Birnbaum MH (2008) New paradoxes of risky decision making. Psych. Rev. 115:463–501.CrossrefGoogle Scholar
  • Birnbaum MH, Chavez A (1997) Tests of theories of decision making: Violations of branch independence and distribution independence. Organ. Behav. Human Decision Processes 71:161–194.CrossrefGoogle Scholar
  • Birnbaum MH, Navarrete JB (1998) Testing descriptive utility theories: Violations of stochastic dominance and cumulative independence. J. Risk Uncertainty 17:49–78.CrossrefGoogle Scholar
  • Birnbaum MH, Schmidt U (2015) The impact of learning by thought on violations of independence and coalescing. Decision Anal. 12(3):144–152.LinkGoogle Scholar
  • Birnbaum MH, Johnson K, Longbottom JL (2008) Tests of cumulative prospect theory with graphical displays of probability. Judgment Decision Making 3:528–546.Google Scholar
  • Bordalo P, Gennaioli N, Shleifer A (2012) Salience theory of choice under risk. Quart. J. Econom. 127:1243–1285.CrossrefGoogle Scholar
  • Bordalo P, Gennaioli N, Shleifer A (2013) Salience and consumer choice. J. Political Econom. 121:803–843.CrossrefGoogle Scholar
  • Brown LD, Cai TT, DasGupta A (2001) Interval estimation for a binomial proportion. Statist. Sci. 16:101–133.CrossrefGoogle Scholar
  • Burke MS, Carter JR, Gominiak RD, Ohl DF (1996) An experimental note on the Allais paradox and monetary incentives. Empirical Econom. 21:617–632.CrossrefGoogle Scholar
  • Busemeyer J, Wang YM (2000) Model comparisons and model selections based on generalization criterion methodology. J. Math. Psych. 44:171–189.CrossrefGoogle Scholar
  • Conlisk J (1989) Three variants on the Allais example. Amer. Econom. Rev. 79:392–407.Google Scholar
  • Ellsberg D (1961) Risk, ambiguity and the Savage axioms. Quart. J. Econom. 75:643–669.CrossrefGoogle Scholar
  • Fan C-P (2002) Allais paradox in the small. J. Econom. Behav. Organ. 49:411–421.CrossrefGoogle Scholar
  • Fisher G, Rangel A (2014) Intertemporal discount rates are mediated by relative attention. Manuscript, Division of Humanities and Social Sciences, California Institute of Technology, Pasadena.Google Scholar
  • Harless DW (1992) Actions vs. prospects: The effect of problem representation on regret. Amer. Econom. Rev. 82:634–649.Google Scholar
  • Harman JL, Gonzalez C (2015) Allais from experience: Choice consistency, rare events, and common consequences in repeated decisions. J. Behav. Decision Making 28:369–381.CrossrefGoogle Scholar
  • Hogarth RM, Reder MW (1986) Prefatory note. J. Bus. 59:S181–S183.CrossrefGoogle Scholar
  • Humphrey SJ (1995) Event-splitting effects or regret-aversion: More evidence under risk and uncertainty. J. Risk Uncertainty 11:263–274.CrossrefGoogle Scholar
  • Incekara-Hafalir E, Stecher JD (2012) An experimental test of theories of behavior in Allais-type tasks. Unpublished manuscript, Carnegie Mellon University, Pittsburgh.Google Scholar
  • Kahneman D, Tversky A (1979) Prospect theory: An analysis of decision under risk. Econometrica 47:263–291.CrossrefGoogle Scholar
  • Keller RL (1985) The effects of problem representation on the sure-thing and substitution principles. Management Sci. 31(6):738–751.LinkGoogle Scholar
  • Laibson D (1997) Golden eggs and hyperbolic discounting. Quart. J. Econom. 112:443–478.CrossrefGoogle Scholar
  • Leland J (1998) Similarity judgments in choice under uncertainty: A reinterpretation of three predictions of regret theory. Management Sci. 44(5):659–672.LinkGoogle Scholar
  • Leland J, Sileo P (1998) The “nothing to gain/nothing to lose” effect—gambling and insurance purchase. Manuscript, National Science Foundation, Alexandria, VA.Google Scholar
  • Leland J, Schneider M (2017). Risk preference, time preference, and salience perception. ESI Working Paper 16-17, Chapman University, Orange, CA. Available at https://digitalcommons.chapman.edu/esi_working_papers/228/.Google Scholar
  • Loomes G (2010) Modeling choice and valuation in decision experiments. Psych. Rev. 117:902–924.CrossrefGoogle Scholar
  • Loomes G, Sugden R (1982) Regret theory: An alternative theory of rational choice under uncertainty. Econom. J. 92:805–824.Google Scholar
  • Loomes G, Sugden R (1987a) Testing for regret and disappointment effects in choice under uncertainty. Econom. J. 97(Supplement):118–129.Google Scholar
  • Loomes G, Sugden R (1987b) Some implications of a more general form of regret theory. J. Econom. Theory 41:270–287.CrossrefGoogle Scholar
  • Luce RD (1998) Coalescing, event commutativity, and theories of utility. J. Risk Uncertainty 16:87–114.CrossrefGoogle Scholar
  • Magen E, Dweck C, Gross J (2008) The hidden-zero effect. Psych. Sci. 19:648–649.CrossrefGoogle Scholar
  • Moskowitz H (1974) Effects of problem representation and feedback on rational behavior in Allais and Morlat-type problems. Decision Sci. 5:225–242.CrossrefGoogle Scholar
  • Quiggin J (1982) A theory of anticipated utility. J. Econom. Behav. Organ. 3:323–343.CrossrefGoogle Scholar
  • Radu PT, Yi R, Bickel WK, Gross JJ, McClure SM (2011) A mechanism for reducing delay discounting by altering temporal attention. J. Experiment. Anal. Behav. 96:363–385.CrossrefGoogle Scholar
  • Read D, Olivola CY, Hardisty DJ (2017) The value of nothing: Asymmetric attention to opportunity costs drives intertemporal decision making. Management Sci. 63(12):4277–4297.Google Scholar
  • Savage LJ (1954) The Foundations of Statistics (John Wiley & Sons, New York).Google Scholar
  • Schneider M, Leland J, Wilcox N (2018) Ambiguity framed. J. Risk Uncertainty 57:133–151.CrossrefGoogle Scholar
  • Scholten M, Read D (2010) The psychology of intertemporal tradeoffs. Psych. Rev. 117:925–944.CrossrefGoogle Scholar
  • Starmer C, Sugden R (1993) Testing for juxtaposition and event-splitting effects. J. Risk Uncertainty 6:235–254.CrossrefGoogle Scholar
  • Tversky A, Kahneman D (1986) Rational choice and the framing of decisions. J. Bus. 59:S251–S278.CrossrefGoogle Scholar
  • Tversky A, Kahneman D (1992) Advances in prospect theory: Cumulative representation of uncertainty. J. Risk Uncertainty 5:297–323.CrossrefGoogle Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.