Tadeusz Tyszka Center for Market Psychology of Leon Kozminski Academy of Entrepreneurship and Management Warsaw (Poland)
Tomasz Zaleskiewicz Institute of Organization and Management Wroclaw University of Technology (Poland)

ABSTRACT

Three studies whose goal was to investigate similarities and differences in people's choices in well-defined lottery tasks and vaguely described naturalistic scenarios are presented. Study 1 showed that in naturalistic scenarios participants revealed little interest in obtaining information about outcomes and probabilities. Study 2 demonstrated that in naturalistic scenarios subjects were sensitive to the content domain, but not to basic risk parameters. In Study 3, where a standard lottery task together with a standard experimental procedure were used, it was found that subjects were sensitive to basic risk parameters, but not to the content domain. The findings are discussed from the perspective of decision theory and reason-based choice approach.

Keywords: risk taking, lottery, naturalistic decision making
PsycINFO Code: 2340 JEL
Code: D81