Journal
ORGANIZATIONAL BEHAVIOR AND HUMAN DECISION PROCESSES
Volume 97, Issue 1, Pages 31-46Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.obhdp.2005.03.001
Keywords
risk; probability; outcome magnitude; magnitude effect; disappointment; regret; peanuts effect; preference reversals
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Previous research has found that decision makers are more risk seeking for small-stakes gambles than for large-stakes gambles. This peanuts effect is not easily explained by Prospect Theory. Two experiments examined the range of circumstances in which peanuts effects occur and tested the hypothesis that anticipated disappointment or anticipated regret explains the peanuts effect. The results suggest that the peanuts effect is related to disappointment, but do not support a connection between the peanuts effect and regret. (c) 2005 Elsevier Inc. All rights reserved.
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