TY  - JOUR
PY  - 2009//
TI  - The description-experience gap in risky choice
JO  - Trends in cognitive sciences
A1  - Hertwig, Ralph
A1  - Erev, Ido
SP  - 517
EP  - 523
VL  - 13
IS  - 12
N2  - According to a common conception in behavioral decision research, two cognitive processes-overestimation and overweighting-operate to increase the impact of rare events on people's choices. Supportive findings stem primarily from investigations in which people learn about options via descriptions thereof. Recently, a number of researchers have begun to investigate risky choice in settings in which people learn about options by experiential sampling over time. This article reviews work across three experiential paradigms. Converging findings show that when people make decisions based on experience, rare events tend to have less impact than they deserve according to their objective probabilities. Striking similarities in human and animal experience-based choices, ways of modeling these choices, and their implications for risk and precautionary behavior are discussed.<p />  <p>Language: en</p>
LA  - en
SN  - 1364-6613
UR  - http://dx.doi.org/10.1016/j.tics.2009.09.004
ID  - ref1
ER  -