Reinforcing rational decision making in a risk elicitation task through visual reasoning

Stella Doukianou, Damon Daylamani-Zad, Petros Lameras, Ian Dunwell

Research output: Chapter in Book/Report/Conference proceedingConference proceeding

Abstract

Metrics seeking to predict financial risk-taking behaviors typically
exhibit limited validity. This is due to the fluid nature of an
individual’s risk taking, and the influence of the mode and
medium, which presents a decision. This paper presents two
experiments that investigate how an existing risk elicitation task’s
predictive capacity may be enhanced through the application of an
interactive model of visual reasoning in a digitized version. In the
first experiment, 60 participants demonstrated their reasoning
process. In the second experiment, 225 participants were randomly
assigned into three groups, with the validated risk elicitation task
compared as a control to interactive digital and non-interactive
digital stimuli with pie charts. The experiments yielded significant
results, highlighting that when participants interact with a graph to
reason their choices, it leads to consistent choices. The findings
have implications for improvement of the risk task's validity and
the deployment of digital interactive assessments beyond
laboratory settings.
Original languageEnglish
Title of host publicationProceedings of the 41st Annual Conference of the Cognitive Science Society
Pages1662-1668
Number of pages7
Publication statusPublished - 2019
Event41st Annual Conference of the Cognitive Science Society - Palais des Congrès de Montréal , Montreal, Canada
Duration: 24 Jul 201927 Jul 2019
https://cognitivesciencesociety.org/wp-content/uploads/2019/07/cogsci19_proceedings-8July2019-compressed.pdf

Conference

Conference41st Annual Conference of the Cognitive Science Society
Abbreviated titleCOGSCI'19
CountryCanada
CityMontreal
Period24/07/1927/07/19
Internet address

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  • Cite this

    Doukianou, S., Daylamani-Zad, D., Lameras, P., & Dunwell, I. (2019). Reinforcing rational decision making in a risk elicitation task through visual reasoning. In Proceedings of the 41st Annual Conference of the Cognitive Science Society (pp. 1662-1668)