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BEGIN:VEVENT
DTSTAMP:20260622T210740Z
DTSTART;VALUE=DATE-TIME:20141009T143000
DTEND;VALUE=DATE-TIME:20141009T155000
SUMMARY:DR@W Forum: Tim Pleskac (Max Planck Institute for Human Developme
 nt)
TZID:Europe/London
UID:20141009-8a1785d77b065d9b017b5dc5cb4d1f90@warwick.ac.uk
CREATED:20140616T120034Z
DESCRIPTION:Tim Pleskac (Max Planck Institute for Human Development) Ecol
 ogically rational choice and the structure of the environment In life ri
 sk is reward. This relationship between risk and reward or probabilities
  and payoffs seems obvious to many. Yet theories of decision making have
  largely ignored it. We conducted an ecological analysis of life’s gambl
 es. Across all domains\, payoffs and probabilities proved intimately tie
 d\, with payoff magnitudes signalling their probabilities. In some cases
 \, the relationship is due to economic constraints\, but in others it ar
 ises even despite economic constraints. We show that people exploit this
  relationship in the form of a heuristic—the risk–reward heuristic—to in
 fer the probability of a payoff during decisions under uncertainty. We s
 how how the heuristic can explain ambiguity aversion. More broadly\, we 
 argue that this ecological relationship can inform our understanding of 
 choice under risk and uncertainty. Download Paper Download Flyer
LOCATION:ÌÇÐÄTV Library (Wolfson Research Exchange Area- Room 1)
CATEGORIES:Draw Forum
LAST-MODIFIED:20210819T093725Z
ORGANIZER;CN="":
END:VEVENT
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