Work

Effect of Graph Scale on Risky Choice: Evidence from Preference and Process in Decision-Making

Year: 2016

Type: article

Abstract: We investigate the effect of graph scale on risky choices. By (de)compressing the scale, we manipulate the relative physical distance between options on a given attribute in a coordinate graphical context. In Experiment 1, the risky choice changes as a function of the scale in the graph. In Experiment 2, we show that the type of graph scale also affects decision times. In Experiment 3, we examine the graph scale effect by using real money among students who have taken statistics courses. Consequently, the scale effects still appear even when we control the variations in calculation ability and increase the gravity with which participants view the consequence of their decisions. This finding is inconsistent with descriptive invariance of preference. The theoretical implications and practical applications of the findings are discussed.

Source: PLoS ONE

DOI: 10.1371/journal.pone.0146914

Authors: Yan Sun, Shu Li, Nicolao Bonini, Yang Liu

Institutions: Chinese Academy of Sciences, Institute of Psychology, Chinese Academy of Sciences, University of Trento, University of Chinese Academy of Sciences

Language: English

Topic: Decision-Making and Behavioral Economics

Subfield: General Decision Sciences

Field: Decision Sciences

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $2,382

Funder: National Natural Science Foundation of China