Is the description-experience gap in risky choice limited to rare events?
Psychology researchers at the University of Alberta have found an interesting wrinkle in the decision- making process people use when gambling: People confronted with risky choices respond differently when they rely on past experiences, rather than when they just focus on the odds of winning or losing.
The research team gave people two kinds of choices. One was a choice between a sure win versus a double-or-nothing win. The other choice was between a sure loss versus a double-or- nothing loss. In some cases the odds were explained to the volunteer gamblers, and sometimes ...




