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Direct linkKusev, Petko; van Schaik, Paul; Ayton, Peter; Dent, John; Chater, Nick – Journal of Experimental Psychology: Learning, Memory, and Cognition, 2009
In 5 experiments, we studied precautionary decisions in which participants decided whether or not to buy insurance with specified cost against an undesirable event with specified probability and cost. We compared the risks taken for precautionary decisions with those taken for equivalent monetary gambles. Fitting these data to Tversky and…
Descriptors: Risk, Probability, Experimental Psychology, Decision Making
