Path Dependency in the Discounting of Delayed and Probabilistic Gains and Losses.

ABSTRACT: Human decision making often involves outcomes that are both risky and delayed. In such delayed lottery scenarios, the question of how such prospects are evaluated arises. An individual can arrive at their choice by following three different subjective value elicitation paths: (1) a direct path by considering the delay and risk of an outcome simultaneously; (2) a delay-probability path by first considering the delay and then the risk of an outcome; and (3) a probability-delay path by first considering the probability and then the delay of an outcome. Using a discounting framework, we conducted an experiment to investigate whether individual choices are path dependent, i.e., if the three paths elicit different subjective values of risky and delayed gains or losses. The experiment included an

SUBMITTER: Bialaszek W 

PROVIDER: S-EPMC6584613 | biostudies-literature | 2019 Jun

REPOSITORIES: biostudies-literature