Pleskac Timothy J, Hertwig Ralph
Department of Psychology and Cognitive Science Program, Michigan State University.
Center for Adaptive Rationality, Max Planck Institute for Human Development.
J Exp Psychol Gen. 2014 Oct;143(5):2000-19. doi: 10.1037/xge0000013. Epub 2014 Jun 30.
In life, risk is reward and vice versa. Unfortunately, the big rewards people desire are relatively unlikely to occur. This relationship between risk and reward or probabilities and payoffs seems obvious to the financial community and to laypeople alike. Yet theories of decision making have largely ignored it. We conducted an ecological analysis of life's gambles, ranging from the domains of roulette and life insurance to scientific publications and artificial insemination. Across all domains, payoffs and probabilities proved intimately tied, with payoff magnitudes signaling their probabilities. In some cases, the constraints of the market result in these two core elements of choice being related via a power function; in other cases, other factors such as social norms appear to produce the inverse relationship between risks and rewards. We offer evidence that decision makers exploit this relationship in the form of a heuristic--the risk-reward heuristic--to infer the probability of a payoff during decisions under uncertainty. We demonstrate how the heuristic can help explain observed ambiguity aversion. We further show how this ecological relationship can inform other aspects of decision making, particularly the approach of using monetary lotteries to study choice under risk and uncertainty. Taken together, these findings suggest that theories of decision making need to model not only the decision process but also the environment to which the process is adapted.
在生活中,风险即回报,反之亦然。不幸的是,人们渴望的丰厚回报相对不太可能出现。风险与回报或概率与收益之间的这种关系,在金融界人士和普通人看来似乎都很明显。然而,决策理论在很大程度上忽略了这一点。我们对生活中的各种赌博进行了生态分析,范围从轮盘赌和人寿保险领域到科学出版物和人工授精。在所有领域中,收益和概率都紧密相连,收益大小表明了其概率。在某些情况下,市场的限制导致选择的这两个核心要素通过幂函数相关联;在其他情况下,诸如社会规范等其他因素似乎产生了风险与回报之间的反比关系。我们提供证据表明,决策者以一种启发式方法——风险回报启发式——的形式利用这种关系,在不确定性决策过程中推断收益的概率。我们展示了这种启发式方法如何有助于解释观察到的模糊厌恶现象。我们进一步表明这种生态关系如何为决策的其他方面提供信息,特别是使用货币彩票来研究风险和不确定性下的选择的方法。综上所述,这些发现表明,决策理论不仅需要对决策过程进行建模,还需要对该过程所适应的环境进行建模。