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Money does not stink: Using unpleasant odors as stimulus material changes risky decision making

Helversen, Bettina; Coppin, Géraldine; Scheibehenne, Benjamin

Odors are strong elicitors of affect, and they play an important role in guiding human behavior, such as avoiding fire or spoiled food. However, little is known about how risky decision making changes when stimuli are olfactory. We investigated this question in an experimental study of risky decision making with unpleasant odors and monetary losses in a fully incentivized task with real outcomes. Odor and monetary decisions were matched so that monetary losses corresponded to the amount of money participants were willing to pay to avoid smelling an odor. Hierarchical Bayesian analyses using prospect theory show that participants were less sensitive to probabilities when gambling with odors than when gambling with money. These results highlight the importance of taking the sensory modality into account when studying risky decision making.

Verlagsausgabe §
DOI: 10.5445/IR/1000124928
Veröffentlicht am 22.11.2021
DOI: 10.1002/bdm.2178
Zitationen: 1
Zitationen: 2
Cover der Publikation
Zugehörige Institution(en) am KIT Institut für Wirtschaftsinformatik und Marketing (IISM)
Publikationstyp Zeitschriftenaufsatz
Publikationsmonat/-jahr 12.2020
Sprache Englisch
Identifikator ISSN: 0894-3257, 1099-0771
KITopen-ID: 1000124928
Erschienen in Journal of behavioral decision making
Verlag John Wiley and Sons
Band 33
Heft 5
Seiten 593-605
Vorab online veröffentlicht am 23.03.2020
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