[Cite as http://purl.org/au-research/grants/arc/DP160101186]
Researchers Prof Benjamin Newell; Dr Christopher Donkin
Brief description The project aims to answer an enduring question: are separate theories required for decisions from experience and description? For some decisions, potential outcomes and probabilities are known – a gamble offering a 10 per cent chance to win $100 or a 90 per cent chance of nothing, for example. For many others, there is no ‘look-up table’ of probabilities and outcomes and so we must learn them via experience. Intriguingly, risky choices made on the basis of described or experienced information differ markedly. This project examines why this divergence occurs. The project plans to test an innovative approach that unifies both types of decisions into a single theoretical framework and provides a suite of empirical and modelling results.
Funding Amount $290,558
Funding Scheme Discovery Projects