Less Wrong is a community blog devoted to refining the art of human rationality. Please visit our About page for more information.

knysna comments on Prospect Theory: A Framework for Understanding Cognitive Biases - Less Wrong

66 Post author: Yvain 10 July 2011 05:20AM

You are viewing a comment permalink. View the original post to see all comments and the full post content.

Comments (46)

You are viewing a single comment's thread.

Comment author: knysna 10 July 2011 08:01:50PM 10 points [-]

I have a paper in press at the Journal of Applied Psychology that used both hypothetical scenarios and real money in prospect theory experiments. We looked at whether people shifted their reference points post hoc-- after they had learned the outcomes of their decisions. Our results showed that people shifted their reference points to either maintain positive moods or repair negative moods.

If you are interested, you can see the paper here: