Per-Håkan S. Ekberg’s research while affiliated with University of Wisconsin–Madison and other places

A primed response time task was used to test the hypothesis that judgments in risky decision making involve an anchoring and adjustment procedure in which the amount to be won in a gamble serves as the anchor and is reduced in accord with the probability of winning. As predicted, the data revealed that priming with the amount to be won allowed faster choices between gambles and sure things than priming with the probability of winning. The experiment is discussed in terms of serial fractionation, which is a form of anchoring and adjustment that is equivalent to analog multiplication.