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A Discrepancy Between “What Should You Choose?” and “What Do You Choose?” in Intertemporal and Risky Decision-Making

Author

Listed:
  • Białaszek Wojciech

    (Department of Behavior Analysis, Institute of Cognitive and Behavioral Neuroscience, SWPS University of Social Sciences and Humanities, Warsaw, Poland.)

  • Ostaszewski Franciszek

    (Department of Behavior Analysis, Institute of Cognitive and Behavioral Neuroscience, SWPS University of Social Sciences and Humanities, Chodakowska 19/31, 03-815, Warsaw, Poland.)

  • Zielonka Piotr

    (Department of Econophysics, Warsaw University of Life Sciences, Warsaw, Poland.)

Abstract

Purpose: When facing important decisions, people often ask themselves “What should I choose?” This question may involve intertemporal and risky decisions. The aim of our study was to test a potential discrepancy between the normative and descriptive perspective, that is, between “What should you choose?” and “What do you choose?”.

Suggested Citation

  • Białaszek Wojciech & Ostaszewski Franciszek & Zielonka Piotr, 2018. "A Discrepancy Between “What Should You Choose?” and “What Do You Choose?” in Intertemporal and Risky Decision-Making," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(4), pages 2-10, December.
    • Handle: RePEc:vrs:jmbace:v:26:y:2018:i:4:p:2-10:n:1
    DOI: 10.7206/jmba.ce.2450-7814.239
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    References listed on IDEAS

    as
    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Matthew Rabin & Richard H. Thaler, 2013. "Anomalies: Risk aversion," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 27, pages 467-480, World Scientific Publishing Co. Pte. Ltd..
    3. Slovic, Paul & Finucane, Melissa L. & Peters, Ellen & MacGregor, Donald G., 2007. "The affect heuristic," European Journal of Operational Research, Elsevier, vol. 177(3), pages 1333-1352, March.
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    More about this item

    Keywords

    impulsivity; delay discounting; probability discounting; perspective taking; risk; intertemporal choice;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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