Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsornia State University. Fullerton andInstitute for Mathematical Behavioral Sciences. IrvineandJacqueline M. ZimmermannCalifornia State University. FullertonA revision of this paper was later published with the following reference:Birnbaum, M. H.. & Zimmermann. J. M. (1998). Buying and selling prices Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments of investments:Configural weight model of interactions predicts violations of joint independence.Organizational Behavior and Human Decision ProcessesConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
, 74(2), 145-187.File: invest-17-date: 11-16-97Address:Prof. Michael H. BirnbaumDepartment of Psychology-H-830MCalifornia State University. FullertonpConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsnotesCorrespondence regarding this article should be sent to: Michael H. Birnbaum. Department of Psychology. California State University. P.O. Box 6846. Fullerton, CA 92834-6846. E-mail address: mbirnbaum@fullerton.edu.We thank Maty Kay Stevenson for helpful suggestions on an earlier draft, and Jeni Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsfer Padilla for her assistance with a pilot study that led to Experiment 2. We also thank Daniel Kahneman. R. D. Luce. Richard H. Thaler, and Peter WaConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
kker for helpful discussions of the ideas presented in Appendix B. This research was supported by National Science Foundation Grant, SBR-9410572. to tConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsd selling prices of hypothetical investments, based on combinations of information from advisors of varied expertise. Information included the previous price and estimates from advisors of the investment's future value. Effect of a source's estimate varied in proportion to a source’s expertise, and Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsit varied inversely as a function of the number and expertise of other sources. There was also a configural effect in which the effect of a source's eConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
stimate was affected by the rank order of that source's estimate compared to other estimates of the same investment. These interactions were fit with Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsan design a new experiment in which there will be different violations of joint independence in different viewpoints. Experiment 2 confirmed patterns of violations of joint independence predicted from the model fit in Experiment 1. Experiment 2 also showed the preference reversals between viewpoints Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments predicted by the model of Experiment 1. Configure! weighting provides a better account of buying and selling prices than either of two models of lossConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
aversion or the theory of anchoring and insufficient adjustment.Buying and Selling PricesOctober 20. 20223This paper connects two approaches to the sConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsscribes main effects and interactions in the data. The second approach is Io examine violations of ordinal independence properties. Results of these two approaches should be related, if the configural theory is correct, and this study will assess the cross-experiment coherence of the two predictions Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments.hl the typical model lilting study, factorial designs of information factors are used. Effects termed configural appear as interactions between inforConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
mation factors that should combine additively according to nonconligural additive, or parallel- averaging models (Anderson. 1981; Birnbaum. 1973b; 197Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments1979; Shanteau. 1975; Stevenson. Busemeyer. & Naylor. 1991). We use this approach in our fust experiment.In the model-fitting approach, two problems arise as a consequence of possible nonlinearity in the judgment function that maps subjective values to overt responses. The first problem is that nonl Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsinearity in the judgment function might produce interactions that do not represent "real” configuralily in the combination of the information (BirnbauConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
m. 1974). The second, related problem is that when nonlinear judgment functions are theorized, models that have quite different psychological implicatConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentshere are many rival interpretations of the same pattern of interactions, it is unclear if models lai to interactions will predict ordinal tests in a new experiment. A new experiment is usually required, because factorial designs typically provide little or no constraint on the ordinal independence p Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsroperties that distinguish the configural from nonconfrgural models.The second approach, used in our second experiment, tests ordinal independence proConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
perties that arc implied by nonconllgural additive and parallel-averaging models, but which can be violated by configural models. The property- testedConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments cannot be attributed to the judgment function. Joint independence is closely related to a weaker version of Savage's (1954) "sure thing" axiom in decision making, called restricted branch independence. Recent papers have tested restricted branch independence to refute nonconfigural theories of deci Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentssionmaking in favor of models in which the weights of stimuli depend on the configuration of stimuli presented (Birnbaum, in press; Birnbaum & BeeghleConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
y. 1997; Birnbaum & McIntosh. 1996).Ln our first experiment, we used the approach of Birnbaum and Stegner (1979) to model judgments of the value of stConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentse then used the configural model and its parameters to design a second study applying the approach of Birnbaum and Beeghley (1997) and Birnbaum and McIntosh (1996) to assess the model's ability to predict violations of joint independence in the second study.Both interactions and violations of joint Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsindependence can be described by configural weight models. However, although both of these phenomena have been demonstrated separately in different juConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investments
dgment domains, we are aware of no study that has used both approaches in the same domain to examine whether the configural weight model fit to interaConfigural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifo Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of Investmentsn judgments of the future value of investments.Configural Weighting Model of Buying and Selling Prices Predicts Violations of Joint Independence in Judgments of InvestmentsMichael H. BirnbaumCalifoGọi ngay
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