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Genetics of Social Cognition in the Laboratory: Definition, Measurement and Association
Chew Soo Hong1,2,4; Li King King1; Robin Chark2; Zhong Songfa1
2008
Source PublicationNEUROECONOMICS
Author of SourceHouser, D; McCabe, K
PublisherEMERALD GROUP PUBLISHING LTD, HOWARD HOUSE, WAGON LANE, BINGLEY, W YORKSHIRE BD16 1WA, ENGLAND
Pages179-201
Abstract

Purpose - This experimental economics study using brain imaging techniques investigates the risk-ambiguity distinction in relation to the source preference hypothesis (Fox & Tversky, 1995) in which identically distributed risks arising from different sources of uncertainty may engender distinct preferences for the same decision maker, contrary to classical economic thinking. The use of brain imaging enables sharper testing of the implications of different models of decision-making including Chew and Sagi's (2008) axiomatization of source preference.

Methodology/approach - Using fMRI, brain activations were observed when subjects make 48 sequential binary choices among even-chance lotteries based on whether the trailing digits of a number of stock prices at market closing would be odd or even. Subsequently, subjects rate familiarity of the stock symbols.

Findings - When contrasting brain activation from more familiar sources with those from less familiar ones, regions appearing to be more active include the putamen, medial frontal cortex, and superior temporal gyrus. ROI analysis showed that the activation patterns in the familiar unfamiliar and unfamiliar-familiar contrasts are similar to those in the risk-ambiguity and ambiguity-risk contrasts reported by Hsu et al. (2005). This supports the conjecture that the risk-ambiguity distinction can be subsumed by the source preference hypothesis.

Research limitations/implications - Our odd-even design has the advantage of inducing the same "unambiguous'' probability of half for each subject in each binary comparison. Our finding supports the implications of the Chew-Sagi model and rejects models based on global probabilistic sophistication, including rank-dependent models derived from non-additive probabilities, e. g., Choquet expected utility and cumulative prospect theory, as well as those based on multiple priors, e. g., alpha-maxmin. The finding in Hsu et al. (2005) that orbitofrontal cortex lesion patients display neither ambiguity aversion nor risk aversion offers further support to the Chew-Sagi model. Our finding also supports the Levy et al. (2007) contention of a single valuation system encompassing risk and ambiguity aversion.

Originality/value of chapter - This is the first neuroimaging study of the source preference hypothesis using a design which can discriminate among decision models ranging from risk-based ones to those relying on multiple priors.

DOI10.1016/S0731-2199(08)20008-7
Language英语
ISBN978-1-84855-304-0
WOS IDWOS:000270876300009
WOS SubjectPsychology, Biological ; Behavioral Sciences ; Economics ; Neurosciences ; Psychology, Experimental
WOS Research AreaBusiness & Economics ; Behavioral Sciences ; Neurosciences & Neurology ; Psychology
Fulltext Access
Citation statistics
Cited Times [WOS]:15   [WOS Record]     [Related Records in WOS]
Document TypeBook chapter
CollectionPersonal research not belonging to the institution
Faculty of Business Administration
Affiliation1.Hong Kong Univ Sci & Technol, Dept Econ, Hong Kong, Hong Kong, Peoples R China
2.Hong Kong Univ Sci & Technol, Dept Mkt, Hong Kong, Hong Kong, Peoples R China
3.Natl Univ Singapore, Dept Business Policy, Singapore 117548, Singapore
4.Natl Univ Singapore, Dept Econ, Singapore 117548, Singapore
Recommended Citation
GB/T 7714
Chew Soo Hong,Li King King,Robin Chark,et al. Genetics of Social Cognition in the Laboratory: Definition, Measurement and Association:EMERALD GROUP PUBLISHING LTD, HOWARD HOUSE, WAGON LANE, BINGLEY, W YORKSHIRE BD16 1WA, ENGLAND,2008:179-201.
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