Construct · 1 fields · 1 citations

payoff variability effect: a standalone construct

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Judgment and decision making

the shift of repeated choice toward random choice when payoff variability increases, reducing maximization even with the same expected values.

In judgment and decision making, payoff variability effect refers to the shift of repeated choice toward random choice when payoff variability increases, reducing maximization even with the same expected values. This meaning comes from Erev (2005) in Psychological Review.[1]

Unit
Recovery means
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Nearby constructs

judgment2 fields · 4 citationsjingle · one word, two constructs shift4 fields · 7 citationsjingle · one word, four constructs

References

Erev, I., & Barron, G. (2005). On Adaptation, Maximization, and Reinforcement Learning Among Cognitive Strategies. Psychological Review, 112(4), 912-931. https://doi.org/10.1037/0033-295x.112.4.912

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