위험관리 | Cases and Studies of Risk Management in Lottery & Gambling | 危險管理
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- Article] Decision-Making under Risk of Loss in Children
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DocNo of ILP: 878
Doc. Type: Article
Title: Decision-Making under Risk of Loss in Children
Authors: Steelandt, S; Broihanne, MH; Romain, A; Thierry, B; Dufour, V
Full Name of Authors: Steelandt, Sophie; Broihanne, Marie-Helene; Romain, Amelie; Thierry, Bernard; Dufour, Valerie
Keywords by Author:
Keywords Plus: PROBABILITY WEIGHTING FUNCTION; EXPECTED VALUE; GAMBLING TASK; PREFERENCES; GRATIFICATION; UNCERTAINTY; PSYCHOLOGY; JUDGMENTS; ADULTS; GAINS
Abstract: In human adults, judgment errors are known to often lead to irrational decision-making in risky contexts. While these errors can affect the accuracy of profit evaluation, they may have once enhanced survival in dangerous contexts following a "better be safe than sorry" rule of thumb. Such a rule can be critical for children, and it could develop early on. Here, we investigated the rationality of choices and the possible occurrence of judgment errors in children aged 3 to 9 years when exposed to a risky trade. Children were allocated with a piece of cookie that they could either keep or risk in exchange of the content of one cup among 6, visible in front of them. In the cups, cookies could be of larger, equal or smaller sizes than the initial allocation. Chances of losing or winning were manipulated by presenting different combinations of cookie sizes in the cups (for example 3 large, 2 equal and 1 small cookie). We investigated the rationality of children's response using the theoretical models of Expected Utility Theory (EUT) and Cumulative Prospect Theory. Children aged 3 to 4 years old were unable to discriminate the profitability of exchanging in the different combinations. From 5 years, children were better at maximizing their benefit in each combination, their decisions were negatively induced by the probability of losing, and they exhibited a framing effect, a judgment error found in adults. Confronting data to the EUT indicated that children aged over 5 were risk-seekers but also revealed inconsistencies in their choices. According to a complementary model, the Cumulative Prospect Theory (CPT), they exhibited loss aversion, a pattern also found in adults. These findings confirm that adult-like judgment errors occur in children, which suggests that they possess a survival value.
Cate of OECD: Other natural sciences
Year of Publication: 2013
Business Area: gamble
Detail Business: gamble
Country: USA
Study Area:
Name of Journal: PLOS ONE
Language: English
Country of Authors: [Steelandt, Sophie; Romain, Amelie; Thierry, Bernard; Dufour, Valerie] Ctr Natl Rech Sci, Dept Ecol Physiol & Ethol, Strasbourg, France; [Steelandt, Sophie; Romain, Amelie; Thierry, Bernard; Dufour, Valerie] Univ Strasbourg, Inst Pluridisciplinaire Hubert Curien, Strasbourg, France; [Broihanne, Marie-Helene] Univ Strasbourg, EM Strasbourg Business Sch, Lab Rech Gest & Econ, Strasbourg, France; [Dufour, Valerie] Univ St Andrews, Sch Psychol, Scottish Primate Res Grp, SPRG,Ctr Social Learning & Cognit Evolut, St Andrews, Fife, Scotland
Press Adress: Dufour, V (reprint author), Ctr Natl Rech Sci, Dept Ecol Physiol & Ethol, Strasbourg, France.
Email Address: valerie.dufour@iphc.cnrs.fr
Citaion:
Funding: Agence Nationale de la Recherche [ANR-08-412 BLAN-0042-01]
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Number of Citaion: 51
Publication: PUBLIC LIBRARY SCIENCE
City of Publication: SAN FRANCISCO
Address of Publication: 1160 BATTERY STREET, STE 100, SAN FRANCISCO, CA 94111 USA
ISSN: 1932-6203
29-Character Source Abbreviation: PLOS ONE
ISO Source Abbreviation: PLoS One
Volume: 8
Version: 1
Start of File:
End of File:
DOI: 10.1371/journal.pone.0052316
Number of Pages: 10
Web of Science Category: Multidisciplinary Sciences
Subject Category: Science & Technology - Other Topics
Document Delivery Number: 070YR
Unique Article Identifier: WOS:000313551500011
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