@inproceedings{f48d0468ee624ea9862e54583b4e2e11,
title = "One-shot lotteries in the park",
abstract = "How do people manipulate their environment when balancing trade-offs between probability of success and payoff? Individuals in a city park played a simple lottery using a small set of marbles placed in an urn. Participants had the ability to actively improve their chances of winning but only by reducing the amount of money that they could possibly win. Hence, participants controlled the lottery{\textquoteright}s intuitive trade-off between probability of success and potential payout. Across four different lottery structures, participants, on average, behaved systematically safer than the optimal strategy that maximizes expected gain. We explore two different accounts of this suboptimal choice behavior: probability distortion, and intrinsic utility of winning.",
keywords = "decision making, intrinsic utility of winning, one-shot lottery, probability distortion",
author = "Juni, {Mordechai Z.} and Gureckis, {Todd M.} and Maloney, {Laurence T.}",
note = "Publisher Copyright: {\textcopyright} CogSci 2012.All rights reserved.; 34th Annual Meeting of the Cognitive Science Society: Building Bridges Across Cognitive Sciences Around the World, CogSci 2012 ; Conference date: 01-08-2012 Through 04-08-2012",
year = "2012",
language = "English (US)",
series = "Building Bridges Across Cognitive Sciences Around the World - Proceedings of the 34th Annual Meeting of the Cognitive Science Society, CogSci 2012",
publisher = "The Cognitive Science Society",
pages = "1745--1749",
editor = "Naomi Miyake and David Peebles and Cooper, {Richard P.}",
booktitle = "Building Bridges Across Cognitive Sciences Around the World - Proceedings of the 34th Annual Meeting of the Cognitive Science Society, CogSci 2012",
}