PSYCH 4508 Lecture Notes - Lecture 6: Impact Bias, Colonoscopy, Anchoring
19 Sep 2016
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Can we predict what will make us happy or unhappy in the future: sources of preferences. Ii: men undergoing a colonoscopy were asked to report on their current levels of pain throughout the procedure. Afterwards, they provided a global rating of how painful the procedure was: the remembered experience is expected to be worse, retrospective pain ratings were based on . The level of pain at the end of the procedure. Imagine you have undergone both of the following. A: you hand is immersed in a bucket of painfully cold water at a temperature of 57 degrees f for 60 seconds. Which would it be: 69% of actual participants chose b; the end was more important than the duration. Predicting future utility: expected utility theory and prospect theory both assume that we can anticipate our utility for possible outcomes. Decision utility (or predicted utility : but it turns out that we make some mistakes when predicting how we"ll fel.
