Publications
96 results found
Dolan P, Elliott A, Metcalfe R, et al., 2012, Influencing Financial Behavior: From Changing Minds to Changing Contexts, JOURNAL OF BEHAVIORAL FINANCE, Vol: 13, Pages: 126-142, ISSN: 1542-7560
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- Citations: 40
Vlaev I, 2012, How Different are Real and Hypothetical Decisions? Overestimation, Contrast and Assimilation in Social Interaction, Journal of Economic Psychology, Vol: 33, Pages: 963-972
Vlaev I, 2011, Inconsistency in risk preferences: a psychophysical anomaly, Frontiers in Psychology, Vol: 2
Vlaev I, Darzi A, 2011, Preferences and Their Implication for Policy, Health and Wellbeing, Neuroscience of Preference and Choice, Editors: Dolan, Sharot, Publisher: Academic Press, Pages: 305-336, ISBN: 9780123814319
IMPLICATIONS, APPLICATION AND FUTURE DIRECTION 13 Choice Sets as Percepts 295 14 Preferences and Their Implication for Policy, Health and Wellbeing 305 ...
Vlaev I, Chater N, Stewart N, et al., 2011, Does the brain calculate value?, Trends in Cognitive Sciences, Vol: 15, Pages: 546-554
How do people choose between options? At one extreme, the 'value-first' view is that the brain computes the value of different options and simply favours options with higher values. An intermediate position, taken by many psychological models of judgment and decision making, is that values are computed but that the resulting choices depend heavily on the context of available options. At the other extreme, the 'comparison-only' view argues that choice depends directly on comparisons, with or even without any intermediate computation of value. In this paper, we place past and current psychological and neuroscientific theories on this spectrum, and review empirical data that have led to an increasing focus on comparison rather than value as the driver of choice.
Vlaev I, 2011, Relativity in pain valuation, Poster: Subjective Probability, Utility, and Decision Making conference (London)
Vlaev I, 2011, Social influences on pain valuation, Poster: 1st Einstein Fellowship Symposium on Decision-Making (Berlin, Germany)
Dolan P, King D, Metcalfe R, et al., 2011, House of Lords Science and Technology Committee on Behaviour Change. Written Evidence
Vlaev I, Seymour B, Winston J, et al., 2011, Social effects on valuation of pain., European Perspectives on Cognitive Science, Editors: Kokinov, Karmiloff-Smith, Nersessian, Sofia, Publisher: New Bulgarian University Press, ISBN: 978-954-535-660-5
Chater N, Vlaev I, 2011, The instability of value., Decision Making, Affect, and Learning., Editors: Delgado, Phelps, Robbins, Oxford, Publisher: Oxford University Press, Pages: 81-100
Vlaev I, Kusev P, Stewart N, et al., 2010, Domain Effects and Financial Risk Attitudes, RISK ANALYSIS, Vol: 30, Pages: 1374-1386, ISSN: 0272-4332
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- Citations: 25
Kurniawan IT, Seymour B, Vlaev I, et al., 2010, Pain Relativity in Motor Control, PSYCHOLOGICAL SCIENCE, Vol: 21, Pages: 840-847, ISSN: 0956-7976
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- Citations: 13
Dolan P, Hallsworth M, Halpern D, et al., 2010, MINDSPACE: Influencing behaviour through public policy., Publisher: Cabinet Office, UK.
Adriaenssens C, Dolan P, Elliott A, et al., 2010, Behavioural economics of financial behaviour change., London., Publisher: Financial Services Authority.
Vlaev I, 2009, Procedural invariance and its violations., Encyclopedia of Medical Decision Making, Editors: Kattan, Publisher: Sage Publications, Inc, Pages: 913-916, ISBN: 9781412953726
Key Features Discusses very general issues that span many aspects of MDM, including bioethics; health policy and economics; disaster simulation modeling; ...
Vlaev I, Dolan R, 2009, Hedonic prediction and relativism., Encyclopedia of Medical Decision Making, Editors: Kattan, Publisher: Sage Publications, Inc, Pages: 593-596, ISBN: 9781412953726
Key Features Discusses very general issues that span many aspects of MDM, including bioethics; health policy and economics; disaster simulation modeling; ...
Vlaev I, 2009, Context effects., Encyclopedia of Medical Decision Making, Editors: Kattan, Publisher: Sage Publications, Inc, Pages: 195-198, ISBN: 9781412953726
Key Features Discusses very general issues that span many aspects of MDM, including bioethics; health policy and economics; disaster simulation modeling; ...
Vlaev I, Chater N, Lewis R, et al., 2009, Reason-based judgments: Using reasons to decouple perceived price-quality correlation, JOURNAL OF ECONOMIC PSYCHOLOGY, Vol: 30, Pages: 721-731, ISSN: 0167-4870
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- Citations: 7
Vlaev I, Dolan P, 2009, From changing cognitions to changing the context: a dual-route model of behaviour change, From changing cognitions to changing the context: a dual-route model of behaviour change, Publisher: Imperial College Business School, 2009/04
Vlaev I, Seymour B, Dolan RJ, et al., 2009, The price of pain and the value of suffering., Psychological Science, Vol: 20, Pages: 309-317
Estimating the financial value of pain informs issues as diverse as the market price of analgesics, the cost-effectiveness of clinical treatments, compensation for injury, and the response to public hazards. Such valuations are assumed to reflect a stable trade-off between relief of discomfort and money. Here, using an auction-based health-market experiment, we show that the price people pay for relief of pain is strongly determined by the local context of the market, that is, by recent intensities of pain or immediately disposable income (but not overall wealth). The absence of a stable valuation metric suggests that the dynamic behavior of health markets is not predictable from the static behavior of individuals. We conclude that the results follow the dynamics of habit-formation models of economic theory, and thus, this study provides the first scientific basis for this type of preference modeling.
Vlaev I, Chater N, Stewart N, 2009, Relativistic financial decisions: Context effects on retirement saving and investment risk preferences. (vol 2, pg 292, 2007), JUDGMENT AND DECISION MAKING, Vol: 4, ISSN: 1930-2975
Vlaev I, Chater N, Stewart N, 2009, Dimensionality of Risk Perception: Factors Affecting Consumer Understanding and Evaluation of Financial Risk, JOURNAL OF BEHAVIORAL FINANCE, Vol: 10, Pages: 158-181, ISSN: 1542-7560
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- Citations: 41
Vlaev I, Chater N, Stewart N, 2008, Seeing Is Not Enough: Manipulating Choice Options Causes Focusing and Preference Change in Multiattribute Risky Decision-Making, JOURNAL OF BEHAVIORAL DECISION MAKING, Vol: 21, Pages: 556-574, ISSN: 0894-3257
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- Citations: 5
Chater N, Vlaev I, Grinberg M, 2008, A new consequence of Simpson's paradox: stable cooperation in one-shot prisoner's dilemma from populations of individualistic learners., Journal of Experimental Psychology: General, Vol: 137, Pages: 403-421, ISSN: 0096-3445
Theories of choice in economics typically assume that interacting agents act individualistically and maximize their own utility. Specifically, game theory proposes that rational players should defect in one-shot prisoners' dilemmas (PD). Defection also appears to be the inevitable outcome for agents who learn by reinforcement of past choices, because whatever the other player does, defection leads to greater reinforcement on each trial. In a computer simulation and 4 experiments, the authors show that, apparently paradoxically, when players' choices are correlated by an exogenous factor (here, the cooperativeness of the specific PD chosen), people obtain greater average reinforcement for cooperating, which can sustain cooperation. This effect arises from a well-known statistical paradox, Simpson's paradox. The authors speculate that this effect may be relevant to aspects of real-world human cooperative behavior.
Vlaev I, Chater N, 2008, Debiasing context effects in strategic decisions: Playing against a consistent opponent can correct perceptual but not reinforcement biases, JUDGMENT AND DECISION MAKING JOURNAL, Vol: 3, Pages: 463-475, ISSN: 1930-2975
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- Citations: 4
Vlaev I, Stewart N, Chater N, 2008, Risk Preference Discrepancy: A Prospect Relativity Account of the Discrepancy Between Risk Preferences in Laboratory Gambles and Real World Investments, JOURNAL OF BEHAVIORAL FINANCE, Vol: 9, Pages: 132-148, ISSN: 1542-7560
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- Citations: 9
Vlaev I, Chater N, 2007, Context effects in games: Local versus global sequential effects on choice in the prisoner's dilemma game, JUDGMENT AND DECISION MAKING, Vol: 2, Pages: 380-389, ISSN: 1930-2975
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- Citations: 15
Vlaev I, Chater N, Stewart N, 2007, Relativistic financial decisions: Context effects on retirement saving and investment risk preferences, JUDGMENT AND DECISION MAKING JOURNAL, Vol: 2, Pages: 292-311, ISSN: 1930-2975
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- Citations: 11
Vlaev I, Chater N, Stewart N, 2007, Financial prospect relativity: Context effects in financial decision-making under risk, JOURNAL OF BEHAVIORAL DECISION MAKING, Vol: 20, Pages: 273-304, ISSN: 0894-3257
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- Citations: 13
Vlaev I, Chater N, 2007, Relativity of financial preferences: How choice options influence investment decision making., Psychology of decision making in economics, business and finance, Editors: Hofmann, Publisher: Nova Publishers, Pages: 7-36, ISBN: 9781600219177
This book presents important research on the psychology of decision making related to economics, business and finance.
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