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A review of the certainty effect and influence of information processing

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  • Ramirez, Patrick A.
  • Levine, Daniel S.
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    Abstract

    This review considers two explanations for behavioral decision-making in reference to the certainty and framing effects. The findings from various paradigms such as a single questionnaire, gambles with repetition, and gambles guided by feedback are explained either by prospect theory or by expected utility theory. Finally this review attempts to account for the different findings and offers a possible explanation for the conflicting results by considering the role of experience which in turn can alter how information in processed as described by fuzzy trace theory which is a dual process theory of reasoning. --

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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2013-47.

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    Date of creation: 2013
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    Handle: RePEc:zbw:ifwedp:201347

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    Keywords: expected utility theory; prospect theory; fuzzy trace theory; certainty effect; framing effect;

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    1. Drazen Prelec & George Loewenstein, 1991. "Decision Making Over Time and Under Uncertainty: A Common Approach," Management Science, INFORMS, INFORMS, vol. 37(7), pages 770-786, July.
    2. Hartog, Joop & Ferrer-i-Carbonell, Ada & Jonker, Nicole, 2002. "Linking Measured Risk Aversion to Individual Characteristics," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 55(1), pages 3-26.
    3. Daniel K. N. Johnson & Tracy R. Gleason, 2009. "Who REALLY Wants to be a Millionaire? Gender Differences in Game Show Contestant Behavior Under Risk," Social Science Quarterly, Southwestern Social Science Association, Southwestern Social Science Association, vol. 90(2), pages 243-261.
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