Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives

Abstract Individuals make decisions under risk throughout daily life. Standard models of economic decision making typically assume that people evaluate choice options independently. There is, however, substantial evidence showing that this independence assumption is frequently violated in decision m...

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Autores principales:	Peter N. C. Mohr, Hauke R. Heekeren, Jörg Rieskamp
Formato:	article
Lenguaje:	EN
Publicado:	Nature Portfolio 2017
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/985561ac97154b3a9fdce0a5369a0f6d
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spelling	oai:doaj.org-article:985561ac97154b3a9fdce0a5369a0f6d2021-12-02T12:32:23ZAttraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives10.1038/s41598-017-06968-52045-2322https://doaj.org/article/985561ac97154b3a9fdce0a5369a0f6d2017-08-01T00:00:00Zhttps://doi.org/10.1038/s41598-017-06968-5https://doaj.org/toc/2045-2322Abstract Individuals make decisions under risk throughout daily life. Standard models of economic decision making typically assume that people evaluate choice options independently. There is, however, substantial evidence showing that this independence assumption is frequently violated in decision making without risk. The present study extends these findings to the domain of decision making under risk. To explain the independence violations, we adapted a sequential sampling model, namely Multialternative Decision Field Theory (MDFT), to decision making under risk and showed how this model can account for the observed preference shifts. MDFT not only better predicts choices compared with the standard Expected Utility Theory, but it also explains individual differences in the size of the observed context effect. Evidence in favor of the chosen option, as predicted by MDFT, was positively correlated with brain activity in the medial orbitofrontal cortex (mOFC) and negatively correlated with brain activity in the anterior insula (aINS). From a neuroscience perspective, the results of the present study show that specific brain regions, such as the mOFC and aINS, not only code the value or risk of a single choice option but also code the evidence in favor of the best option compared with other available choice options.Peter N. C. MohrHauke R. HeekerenJörg RieskampNature PortfolioarticleMedicineRScienceQENScientific Reports, Vol 7, Iss 1, Pp 1-10 (2017)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Peter N. C. Mohr Hauke R. Heekeren Jörg Rieskamp Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
description	Abstract Individuals make decisions under risk throughout daily life. Standard models of economic decision making typically assume that people evaluate choice options independently. There is, however, substantial evidence showing that this independence assumption is frequently violated in decision making without risk. The present study extends these findings to the domain of decision making under risk. To explain the independence violations, we adapted a sequential sampling model, namely Multialternative Decision Field Theory (MDFT), to decision making under risk and showed how this model can account for the observed preference shifts. MDFT not only better predicts choices compared with the standard Expected Utility Theory, but it also explains individual differences in the size of the observed context effect. Evidence in favor of the chosen option, as predicted by MDFT, was positively correlated with brain activity in the medial orbitofrontal cortex (mOFC) and negatively correlated with brain activity in the anterior insula (aINS). From a neuroscience perspective, the results of the present study show that specific brain regions, such as the mOFC and aINS, not only code the value or risk of a single choice option but also code the evidence in favor of the best option compared with other available choice options.
format	article
author	Peter N. C. Mohr Hauke R. Heekeren Jörg Rieskamp
author_facet	Peter N. C. Mohr Hauke R. Heekeren Jörg Rieskamp
author_sort	Peter N. C. Mohr
title	Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
title_short	Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
title_full	Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
title_fullStr	Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
title_full_unstemmed	Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives
title_sort	attraction effect in risky choice can be explained by subjective distance between choice alternatives
publisher	Nature Portfolio
publishDate	2017
url	https://doaj.org/article/985561ac97154b3a9fdce0a5369a0f6d
work_keys_str_mv	AT peterncmohr attractioneffectinriskychoicecanbeexplainedbysubjectivedistancebetweenchoicealternatives AT haukerheekeren attractioneffectinriskychoicecanbeexplainedbysubjectivedistancebetweenchoicealternatives AT jorgrieskamp attractioneffectinriskychoicecanbeexplainedbysubjectivedistancebetweenchoicealternatives
_version_	1718394109132013568

Attraction Effect in Risky Choice Can Be Explained by Subjective Distance Between Choice Alternatives

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