Money does not stink

Using unpleasant odors as stimulus material changes risky decision making

Bibliographic Data

ID12166276
AuthorsBettina von Helversen (0000-0003-2004-6922, Department of Psychology University of Bremen Bremen Germany, corresponding author), Géraldine Coppin (0000-0002-7848-3298, Department of Psychology University of Geneva Geneva Switzerland), Benjamin Scheibehenne (Faculty of Economics and Management University of Geneva Geneva Switzerland)
Year2020
Volume33
Issue5
Pages593-605
Publication date2020-03-23
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Behavioral Decision Making (JOURNAL)
Journal identifiersISSN: 0894-3257 • E-ISSN: 1099-0771
PublisherWiley (PUBLISHER • GB)
DOI10.1002/bdm.2178
OpenAlexW3012864278
LanguageEN
Citations received2
References cited53

Odors are strong elicitors of affect, and they play an important role in guiding human behavior, such as avoiding fire or spoiled food. However, little is known about how risky decision making changes when stimuli are olfactory. We investigated this question in an experimental study of risky decision making with unpleasant odors and monetary losses in a fully incentivized task with real outcomes. Odor and monetary decisions were matched so that monetary losses corresponded to the amount of money participants were willing to pay to avoid smelling an odor. Hierarchical Bayesian analyses using prospect theory show that participants were less sensitive to probabilities when gambling with odors than when gambling with money. These results highlight the importance of taking the sensory modality into account when studying risky decision making

Affect (linguistics · Cognitive psychology · Economics · Odor · Olfaction · Sensory system · Stimulus (psychology · Stimulus modality · Communication · Decision-Making and Behavioral Economics · Multisensory perception and integration · Neuroscience · Olfactory and Sensory Function Studies · Psychology

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