Relative importance of probabilities and payoffs in risk taking.

Paul Slovic; Sarah Lichtenstein

doi:10.1037/h0026468

Relative importance of probabilities and payoffs in risk taking.

Journal of Experimental Psychology 78(3, Pt.2): 1-18

Article 1968 English

Abstract

1 min read

Concerned with understanding how people make decisions about gambles when the relevant probabilities and payoffs are explicitly stated. It is proposed that decisions may be determined by a person's beliefs about the relative importance of probabilities and payoffs and by limitations on his ability t

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