A Functional Model for the Integration of Gains and Losses under Risk: Implications for the Measurement of Subjective Value

Autor/inn/en	Viegas, Ricardo G.; Oliveira, Armando M.; Garriga-Trillo, Ana; Grieco, Alba
Titel	A Functional Model for the Integration of Gains and Losses under Risk: Implications for the Measurement of Subjective Value
Quelle	In: Psicologica: International Journal of Methodology and Experimental Psychology, 33 (2012) 3, S.711-733 (23 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0211-2159
Schlagwörter	Measurement Techniques; Models; Risk; Decision Making; Probability; Undergraduate Students; Algebra; Portugal + Suchen Sie Ihr Suchwort? Messtechnik; Analogiemodell; Risiko; Decision-making; Entscheidungsfindung; Wahrscheinlichkeitsrechnung; Wahrscheinlichkeitstheorie
Abstract	In order to be treated quantitatively, subjective gains and losses (utilities/disutilities) must be psychologically measured. If legitimate comparisons are sought between them, measurement must be at least interval level, with a common unit. If comparisons of absolute magnitudes across gains and losses are further sought, as in standard definitions of loss aversion, a common known zero must be added to the common unit requirement. These measurement issues are typically glossed over in complex models of decision under risk. This paper illustrates how Functional Measurement (FM) affords ways of addressing them, given some conditions. It establishes a relative ratio model for the integration of gains and losses in a mixed gamble situation with independent outcome probabilities. It subsequently documents how this model yields functional estimates of gains and losses on a common unit scale with a known zero. The psychological significance of the found integration model is discussed, and some of its implications for measurement further explored across two studies. (Contains 6 figures and 1 table.) (As Provided).
Anmerkungen	University of Valencia. Dept. Metodologia, Facultad de Psicologia, Avda. Blasco Ibanez 21, 46010 Valencia, Spain. Tel: +34-96-386-4100; Web site: http://www.uv.es/revispsi/
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2017/4/10