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Jul 22, 2024 · Two eye-tracking experiments investigated visual attention as a key component of the zero effect in the gain domain (Experiment 1) and the loss domain (Experiment 2). Choices were consistent with the zero effect.
Jul 22, 2024 · To examine the zero effect in risky choices (i.e., zero-outcome aversion), we conducted two eye-tracking experiments to investigate affect and motivation in gambles with and without zero outcomes across the gain and the loss domain.
Jul 22, 2024 · Two eye-tracking experiments investigated visual attention as a key component of the zero effect in the gain domain (Experiment 1) and the loss domain (Experiment 2).
Jan 21, 2016 · Some, such as the interpretation of zero effects, have implications well beyond education. There is a lot of evidence, but for many interventions, it’s wide rather than deep. G&M walk through the evidence in a whole range of areas, on both the demand and the supply side.
- Theory
- Derivation of Predictions
- Summary of Predictions
- Method
- Results
- Conclusion
Original prospect theory (Kahneman and Tversky 1979) can serve as a descriptive account of elementary choices between a sure thing and a two-outcome gamble. Prospect theory invokes reference dependence, by which “the carriers of value are gains and losses defined relative to a reference point” (Tversky and Kahneman 1991, p. 1039), and loss aversion...
2.2.1 The gain domain
The options in the gain domain will be as follows: Three different groups of participants choose between one of the three gambles (LP, WP, or NP) and the sure thing (SP). The zero outcome is a good zero in LP, and a bad zero in WP, whereas it is left implicit in NP, and is therefore a neutral zero.Footnote 3 The mutable-zero effect is that choice of LP instead of SP is more likely than choice of WP instead of SP, and it could logically arise (1) because LP has a good zero, so that it compares...
2.2.2 The loss domain
The options in the loss domain will be as follows: Three different groups of participants choose between one of the three gambles (LN, WN, or NN) and the sure thing (SN). The zero outcome is a good zero in LN, and a bad zero in WN, whereas it is left implicit in NN, and is therefore a neutral zero. The mutable-zero effect is that choice of LN instead of SN is more likely than choice of WN instead of SN. Prospect theory predicts that WN compares worse with SN than NN does, which contributes to...
The predictions for Experiment 2 are as follows: (H1) There should be a mutable-zero effect for gains, i.e., a win gamble should become more popular when the zero outcome is described as “lose $0” rather than “win $0;” underlying the mutable-zero effect for gains, there should be (H2) a negative effect of describing the zero outcome as “win $0,” an...
The participants were 1299 British residents, recruited through Prolific Academic. The sample was 36% male, with an average age of 39. Most were employed (82%, among whom 48% full time), and most had an academic degree (61%, among whom 43% had a bachelors, 15% masters, and 3% PhD). Each participant made two choices, one in each domain (gain or loss...
2.5.1 The mutable-zero effect
Table 2 shows the results. (Note that each choice proportion is repeated across two pairwise comparisons between choice proportions.) Small minorities choose the gamble, but, consistent with prospect theory’s reflection effect, choice of the gamble is more likely for losses than for gains. There is a reliable mutable-zero effect for gains (confirmation of H1): Choice of a win gamble is more likely when the zero outcome is described as “lose £0” rather than “win £0.” The mutable-zero effect is...
2.5.2 Behind the mutable-zero effect in the gain domain
There is a negative effect of describing the zero outcome as “win £0,” and this effect is reliable (confirmation of H2). Furthermore, in support of H3, there is a positive effect of describing the zero outcome as “lose £0,” but this effect is not reliable. Finally, the negative effect of “winning £0” is larger than the positive effect of “losing £0.” According to H4, that should indeed be the case. Letting Ω be the odds of choosing the gamble over the sure thing, the hypothesis states that lo...
2.5.3 Behind the mutable-zero effect in the loss domain
There is a negative effect of describing the zero outcome as “win £0,” and this effect is reliable (confirmation of H5).
Prospect theory accurately predicted how risky choice is influenced by mutable zeroes. The hypothesized effects all went in the right direction, but, as concluded from Experiments 1a and 1b, the effects of mutable zeroes are subtle, and, in Experiment 2, three out of six hypothesized effects were too subtle to be reliable. All three reliable effect...
- Marc Scholten, Daniel Read, Neil Stewart
- 2019
Jun 6, 2018 · The effects of manipulating the presence or absence of zero (or "nothing") to induce shifts in gist (categorical "something vs. nothing" contrasts in decision problems) or verbatim processing...
Specifically, we compare predictions of psychophysical models, such as prospect theory, to the cognitive representational approach of fuzzy-trace theory in which the presence or absence of zero is key to framing effects.
