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Framing effects and risky decisions in starlings.

Abstract:

Animals are predominantly risk prone toward reward delays and risk averse toward reward amounts. Humans in turn tend to be risk-seeking for losses and risk averse for gains. To explain the human results, Prospect Theory postulates a convex utility for losses and concave utility for gains. In contrast, Scalar Utility Theory (SUT) explains the animal data by postulating that the cognitive representation of outcomes follows Weber's Law, namely that the spread of the distribution of expected outc...

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Publication status:
Published

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Publisher copy:
10.1073/pnas.042491999

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Institution:
University of Oxford
Department:
Oxford, MPLS, Zoology
Journal:
Proceedings of the National Academy of Sciences of the United States of America
Volume:
99
Issue:
5
Pages:
3352-3355
Publication date:
2002-03-05
DOI:
EISSN:
1091-6490
ISSN:
0027-8424
URN:
uuid:25493c55-4ddb-4fa1-a639-3b89dbf2d17a
Source identifiers:
209225
Local pid:
pubs:209225

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