Dataset Information

Graphical Depiction of Statistical Information Improves Gambling-Related Judgments.

ABSTRACT: The domain of gambling is rife with both diagnostic and non-diagnostic information. Previous studies examining scratch card gambling have demonstrated that people are often biased by intuitively appealing, yet non-diagnostic information (i.e., unclaimed prize information). The current study investigated how varying the presentation format of a diagnostic piece of information (i.e., payback percentage) could influence participants' use of this information when in conflict with unclaimed prize information. We hypothesized that when payback percentage information was presented in a graphical, as opposed to a numerical format, participants would be better at ignoring unclaimed prize information and correspondingly have their preferences become congruent with the true value of the presented scratch cards. In Experiment 1 (N = 201), with payback percentage presented in a numerical format, participants displayed a non-optimal preference for cards with greater numbers of unclaimed prizes and lower payback percentages. This preference was reversed in Experiment 2 (N = 201) when payback percentage was presented in a graphical format. In conclusion, the results of the current study demonstrate how judgments in a scratch card gambling domain can be improved by simply changing the presentation format of a single piece of information.

SUBMITTER: Walker AC

PROVIDER: S-EPMC6679834 | biostudies-literature | 2019 Sep

REPOSITORIES: biostudies-literature

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Graphical Depiction of Statistical Information Improves Gambling-Related Judgments.

Walker Alexander C AC Stange Madison M Dixon Mike J MJ Koehler Derek J DJ Fugelsang Jonathan A JA

Journal of gambling studies 20190901 3

The domain of gambling is rife with both diagnostic and non-diagnostic information. Previous studies examining scratch card gambling have demonstrated that people are often biased by intuitively appealing, yet non-diagnostic information (i.e., unclaimed prize information). The current study investigated how varying the presentation format of a diagnostic piece of information (i.e., payback percentage) could influence participants' use of this information when in conflict with unclaimed prize inf ...[more]

PMID: 31134398

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Project description:At a macroscopic level, part of the ant colony life cycle is simple: a colony collects resources; these resources are converted into more ants, and these ants in turn collect more resources. Because more ants collect more resources, this is a multiplicative process, and the expected logarithm of the amount of resources determines how successful the colony will be in the long run. Over 60 years ago, Kelly showed, using information theoretic techniques, that the rate of growth of resources for such a situation is optimized by a strategy of betting in proportion to the probability of pay-off. Thus, in the case of ants, the fraction of the colony foraging at a given location should be proportional to the probability that resources will be found there, a result widely applied in the mathematics of gambling. This theoretical optimum leads to predictions as to which collective ant movement strategies might have evolved. Here, we show how colony-level optimal foraging behaviour can be achieved by mapping movement to Markov chain Monte Carlo (MCMC) methods, specifically Hamiltonian Monte Carlo (HMC). This can be done by the ants following a (noisy) local measurement of the (logarithm of) resource probability gradient (possibly supplemented with momentum, i.e. a propensity to move in the same direction). This maps the problem of foraging (via the information theory of gambling, stochastic dynamics and techniques employed within Bayesian statistics to efficiently sample from probability distributions) to simple models of ant foraging behaviour. This identification has broad applicability, facilitates the application of information theory approaches to understand movement ecology and unifies insights from existing biomechanical, cognitive, random and optimality movement paradigms. At the cost of requiring ants to obtain (noisy) resource gradient information, we show that this model is both efficient and matches a number of characteristics of real ant exploration.

Dataset Information

Graphical Depiction of Statistical Information Improves Gambling-Related Judgments.

Publications

Graphical Depiction of Statistical Information Improves Gambling-Related Judgments.

Similar Datasets

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