Risk Aversion in Human Subjects under Conditions of Probabilistic Reward

Lane, Scott D.; Cherek, Don R.

doi:10.1007/bf03395353

Cited by 6 publications

(5 citation statements)

References 20 publications

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“…The risk sensitivity demonstrated here is in accord with the results of recent earningsbudget studies with human subjects (e.g., Pietras & Hackenberg, 2001;Rode et al, 1999), but contrasts with most previous risky-choice research with humans. Prior studies have shown across a range of conditions that choice is consistently risk averse, whether the outcomes are fixed and variable reinforcer amounts or fixed and variable reinforcer delays (e.g., Kohn, Kohn, & Staddon, 1992), or whether the outcomes are hypothetical and presented verbally (e.g., Rachlin, Raineri, & Cross, 1991;Schneider & Lopes, 1986), or real and directly experienced (e.g., Lane & Cherek, 2000;Schmitt & Whitmeyer, 1990).…”

Section: Discussionmentioning

confidence: 99%

Human Risky Choice Under Temporal Constraints: Tests of an Energy‐budget Model

Pietras

Locey

Hackenberg

2003

J Exper Analysis Behavior

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Risk-sensitive foraging models predict that choice between fixed and variable food delays should be influenced by an organism's energy budget. To investigate whether the predictions of these models could be extended to choice in humans, risk sensitivity in 4 adults was investigated under laboratory conditions designed to model positive and negative energy budgets. Subjects chose between fixed and variable trial durations with the same mean value. An energy requirement was modeled by requiring that five trials be completed within a limited time period for points delivered at the end of the period (block of trials) to be exchanged later for money. Manipulating the duration of this time period generated positive and negative earnings budgets (or, alternatively, "time budgets"). Choices were consistent with the predictions of energy-budget models: The fixed-delay option was strongly preferred under positive earnings-budget conditions and the variable-delay option was strongly preferred under negative earnings-budget conditions. Within-block (or trial-by-trial) choices were also frequently consistent with the predictions of a dynamic optimization model, indicating that choice was simultaneously sensitive to the temporal requirements, delays associated with fixed and variable choices on the upcoming trial, cumulative delays within the block of trials, and trial position within a block.

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Section: Discussionmentioning

confidence: 99%

Human Risky Choice Under Temporal Constraints: Tests of an Energy‐budget Model

Pietras

Locey

Hackenberg

2003

J Exper Analysis Behavior

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“…A third possibility is that printing a monetary outcome on screen (+$0.50 or −$0.20) following each risky choice and a nonmonetary outcome (“Time Out”) following each nonrisky choice differentially affected participants' response preferences. Prior studies in our lab have revealed that participants treated “$0.00” as an aversive stimulus and would respond to avoid it (Lane & Cherek, 2000c). Therefore, the “Time Out” message was selected to avoid the possible confound of both choices being associated with an aversive outcome.…”

Section: Discussionmentioning

confidence: 99%

“…The task, developed across prior studies in our laboratory (Lane & Cherek, 2000a, 2000c), was designed to measure individual patterns of risk-taking behavior. The task presented discrete trials in which the participant chose between two response options, labeled C and A on the response panel (Button B had no function).…”

Section: Methodsmentioning

confidence: 99%

“…On subsequent days, after response preferences had stabilized, the earnings counter displayed $3, then $4. Based on both pilot data and previous studies (Lane & Cherek, 2000a, 2000c), the $2 level was expected to promote at least minimal risk-taking in all participants, with changes in risk preferences expected to emerge at the $3 and $4 levels. The experimental design used repeated measures within subjects and across conditions; participants completed a minimum of 1,080 trials during the course of the experiment, and most completed approximately 1,400 trials.…”

Section: Methodsmentioning

confidence: 99%

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Risk taking by adolescents with maladaptive behavior histories.

Lane¹,

Cherek²

2001

Experimental and Clinical Psychopharmacology

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"High-risk" adolescents with maladaptive behavior histories and control adolescents (15-17 years of age) participated in a laboratory experiment that measured aspects of risk-taking behavior. High-risk adolescents had behavioral profiles entailing combinations of past substance use disorder, early onset substance use, conduct disorder, criminal history, and dropping out of school. A risk-taking task presented participants with "risky" and nonrisky response options. The risky response option offered a low probability of a large monetary reward or a high probability of a smaller monetary loss and resulted in a net loss of monetary earnings. The nonrisky option protected current earnings. High-risk adolescents chose the risky option more often, had lower overall earnings, and were more likely to persist in making (losing) risky responses following a single gain on the risky option. The data replicate previous findings with high-risk adults.

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“…Many procedural features may affect choices between risky and non-risky alternatives. Notably, there may be differences in risktaking behavior when outcomes are real rather than hypothetical (Slovic 1969;Rachlin and Frankel 1969;Lane and Cherek 2000a). And risk-taking tendencies may be altered when the task in question (e.g.…”

Section: Introductionmentioning

confidence: 98%