The description-experience gap in risky choice.

By Ralph Hertwig, Ido Erev. Trends in Cognitive Sciences, 2009

854 citations recorded by the source corpus.

Subfields: Economics and Econometrics, General Decision Sciences, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/79d855d4aeaf22f58b61bc7bfa02e2b5fa12296e

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Citations in the corpus

Public perception of climate risk and adaptation in the UK: A review of the literature (2014, background): “Paradoxically however, where they have not been recently experienced, the likelihood of severe but rare hazards may also be underestimated as a result of their infrequency (Hertwig and Erev, 2009).”
Learning and the Economics of Small Decisions (2013, background): “These results (and similar findings reported in Weber et al. , 2004; Ungemach et al., 2008; Erev et al., 2010a; Hau et al., 2008; and in reviews by Hertwig & Erev, 2009 and Rakow & Newell, 2010) suggest that the tendency to underweight rare events in decisions from experience is not driven by the…”
One and Done? Optimal Decisions From Very Few Samples (2014, background): “Whether or not people are exactly optimal, one thing is clear: When sampling data from the world, people are inclined to gather little evidence, and make decisions quickly, rather than spend a lot of time " sampling " evidence (Hertwig & Erev, 2009; Hertwig & Pleskac, 2010 ).”
Living through the Great Chinese Famine: Early-life experiences and managerial decisions ☆ (2018, positive): “This study builds on a strand of literature in psychology which focuses on how personal experiences influence individuals’ decision-making process (e.g., Barkan et al., 1998; Hertwig et al., 2004; Hertwig and Erev, 2009).”
Prospect Theory and the Brain (2009, background): “This has given rise to a robust literature on the putative description-experience gap (for reviews, see Hertwig and Erev, 2009; Hertwig, 2012).”
Living with Floods: Protective Behaviours and Risk Perception of Vietnamese Households (2013, background): “34 Hertwig et al. (2004); Hertwig and Erev (2009); Camilleri and Newell (2013).”
New Scanner Data for Brand Marketers: How Neuroscience Can Help Better Understand Differences in Brand Preferences (2012, background): “…choice environments and with different pricing schemes, fMRI studies have identified brain regions such as orbitofrontal cortex (OFC) and ventromedial prefrontal cortex (VMPFC) that consistently encode various measures of individual subjective value, including willingness-to-pay (Chib, Rangel,…”
Nudge Versus Boost: How Coherent are Policy and Theory? (2015, background): “, natural frequencies) works in situations in which the risks are known and can be explicitly stated (e.g., decisions from description; Hertwig and Erev 2009).”