Artikel
Money does not stink: Using unpleasant odors as stimulus material changes risky decision making
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.
- Language
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Englisch
- Bibliographic citation
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Journal: Journal of Behavioral Decision Making ; ISSN: 1099-0771 ; Volume: 33 ; Year: 2020 ; Issue: 5 ; Pages: 593-605 ; Hoboken, NJ: Wiley
- Classification
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Management
- Subject
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affect
odors
probability weighting
prospect theory
risky decision making
- Event
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Geistige Schöpfung
- (who)
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von Helversen, Bettina
Coppin, Géraldine
Scheibehenne, Benjamin
- Event
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Veröffentlichung
- (who)
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Wiley
- (where)
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Hoboken, NJ
- (when)
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2020
- DOI
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doi:10.1002/bdm.2178
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- von Helversen, Bettina
- Coppin, Géraldine
- Scheibehenne, Benjamin
- Wiley
Time of origin
- 2020
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