2016
DOI: 10.1017/s1930297500003077
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Graphs versus numbers: How information format affects risk aversion in gambling

Abstract: In lottery gambling, the common phenomenon of risk aversion shows up as preference of the option with the higher win probability, even if a riskier alternative offers a greater expected value. Because riskier choices would optimize profitability in such cases, the present study investigates the visual format, with which lotteries are conveyed, as potential instrument to modulate risk attitudes. Previous research has shown that enhanced attention to graphical compared to numerical probabilities can increase ris… Show more

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Cited by 14 publications
(8 citation statements)
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References 57 publications
(81 reference statements)
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“…In gambling, a lottery includes two parts, the probability and the outcome, either of which can be displayed with numbers or graphs. As an example, Dambacher, Haffke, Groß, and Hübner (2016) investigated how information display format affects risk aversion in gambling (i.e., preference of an option with higher winning probability but lower reward outcome). Participants were asked to choose from two lotteries with probabilities or outcomes displayed in numerical or graphical (bar graph or icon array) formats.…”
Section: Risk Communication For Mobile Devicesmentioning
confidence: 99%
See 2 more Smart Citations
“…In gambling, a lottery includes two parts, the probability and the outcome, either of which can be displayed with numbers or graphs. As an example, Dambacher, Haffke, Groß, and Hübner (2016) investigated how information display format affects risk aversion in gambling (i.e., preference of an option with higher winning probability but lower reward outcome). Participants were asked to choose from two lotteries with probabilities or outcomes displayed in numerical or graphical (bar graph or icon array) formats.…”
Section: Risk Communication For Mobile Devicesmentioning
confidence: 99%
“…The above reviewed studies suggest that the graphical format increases the salience of the displayed information (Dambacher et al, 2016). Yet, whether to adopt a graphical or numerical/table display depends on the specific task (e.g., choice vs. estimation; Feldman-Stewart et al, 2000;Hawley et al, 2008) and the purpose of the presentation (e.g., risk avoidance or not; Stone et al, 1997Stone et al, , 2003.…”
Section: Alternative Risk Display Formatsmentioning
confidence: 99%
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“…Visual factors are usually reflected in the visual features attached to an option, including color, size, location, saliency, and visual format. Studies have shown that the influence of visual factors on bottom‐up attention is revealed through early attention, usually the first fixation (Dambacher et al, 2016 ; Spitmaan et al, 2019 ). Options' color, location, and size can capture the first fixation to the more visually salient option, regardless of cognitive factors or option value (Fisher, 2021 ; Kwak & Huettel, 2018 ; Roberts et al, 2021 ; Vanunu et al, 2021 ).…”
Section: Attentional Capture Before Risky Choicesmentioning
confidence: 99%
“…Importantly, Marble Drop is game-theoretically isomorphic to Matrix Games and thus requires essentially the same reasoning (see next subsection). Instead of using numerical payoffs, as commonly used in experimental games, we chose colored marbles to counter numerical but non-optimal 8Visual presentation has been shown to support other judgment and decision tasks, see (Dambacher, Haffke, Groß, & Hübner, 2016).…”
Section: Scaffold 3: Visual Task Representationmentioning
confidence: 99%