Construct · 1 fields · 1 citations

common ratio effect: a standalone construct

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commonratio effect1 CONSTRUCTCommon ratio effectSTARMER · JUDGMENT AND

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Judgment and decision making

the switch from the safer to the riskier option when the winning probabilities of both lotteries are scaled down by the same factor, violating expected utility independence.

In judgment and decision making, common ratio effect refers to the switch from the safer to the riskier option when the winning probabilities of both lotteries are scaled down by the same factor, violating expected utility independence. This meaning comes from Starmer (2000) in Journal of Economic Literature.[1]

Unit
Recovery means
Measured by

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Nearby constructs

factor3 fields · 4 citationsjingle · one word, three constructsjudgment2 fields · 4 citationsjingle · one word, two constructsoption4 fields · 9 citationsjingle · one word, four constructs

References

  1. Starmer, C. (2000). Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk. Journal of Economic Literature, 38(2), 332-382. https://doi.org/10.1257/jel.38.2.332

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