The prospect of a perfect ending: Loss aversion and the round-number bias
Studies across a range of domains have shown that individuals tend to focus on round numbers as cognitive reference points; a so-called left-digit effect. We explain this effect by combining analog numerical heuristics with prospect theory in order to develop an analog value function that predicts t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
2015-11.
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| Subjects: | |
| Online Access: | Get fulltext |