Magnitude, Time, and Risk Differ Similarly between Joint and Single Evaluations

Bibliographic Data

ID2223275
AuthorsChristopher K Hsee (0000-0002-8391-7847, Booth University College), Jiao Zhang (0000-0002-6466-6384), Jianyu Zhang (0000-0002-5213-7063, University of Miami), Liangyan Wang (0000-0002-8947-8945, Shanghai Jiao Tong University), Shirley Zhang (0009-0000-5810-1347)
Year2013
Volume40
Issue1
Pages172-184
Publication date2013-06-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueJournal of Consumer Research (JOURNAL)
Journal identifiersISSN: 0093-5301 • E-ISSN: 1537-5277
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1086/669484
OpenAlexW2121044879
LanguageEN
Citations received11
References cited57

Arguably, all choice options involve three basic attributes: magnitude (outcome size), time (of occurrence), and probability (of occurrence) and are evaluated in one of two basic evaluation modes: JE (joint evaluation, involving comparison of multiple options) and SE (single evaluation, without comparison). This research explores how reactions to the three basic attributes (and their associated functions--utility, time discounting, and probability weighting) vary between the two basic evaluation modes. Nine studies, tapping diverse contexts, yield two general results: first, for all these attributes, people are more sensitive to variations near endpoints (zero magnitude, no delay, and 0% or 100% probability) than in other regions, and this differential sensitivity is more pronounced in SE than in JE. Second, when faced with options involving a trade-off between magnitude and time (delay) or between magnitude and probability (risk), people are both more delay averse and more risk averse in SE than in JE

Econometrics · Economics · Joint (building) · Magnitude (astronomy) · Physics · Statistics · Behavioral Health and Interventions · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Engineering · Mathematics · Psychology