Table 5.
Comparison of the range of phenomena explained by UWS versus previous theories.
| UWS | Availability-by-recall | Regressed-frequency | Value assessment |
Instance-based learning |
Exploratory-sampler with recency |
CAT | Decision by Sampling |
Salience theory | Priority Heuristic |
Regret theory |
Prospect Theory |
SCPT | Dynamic Prospect Theory |
Disappointment theory |
3-moments model |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
| |||||||||||||||||
| Memory & Judgement | Memory bias for extreme events | ✓ | |||||||||||||||
| Overestimation of rare extreme events | ✓ | ✓ | ✓ | ||||||||||||||
| Overestimation of frequent extreme events | ✓ | ✓ | |||||||||||||||
|
| |||||||||||||||||
| Decision from experience | Reversed reflection effect | ✓ | |||||||||||||||
| Temporal dynamics of risk preferences | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||
| Underweighting of rare events | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
| Payoff variability effect | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
| Wavy recency effect | ✓ | ||||||||||||||||
|
| |||||||||||||||||
| Decision from description | Reflection Effect | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||
| Allals paradox | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||
| Preference reversals | ✓ | ✓ | |||||||||||||||
| Intransitivity | ✓ | ✓ | ✓ | ✓ | |||||||||||||
| Common-ratio effects | ✓ | ✓ | ✓ | .5 | ✓ | ✓ | ✓ | .5 | ✓ | ||||||||
| Gradual effect of choice difficulty | ✓ | ✓ | ✓ | ✓ | |||||||||||||
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| |||||||||||||||||
| Dscription-experience gap | ✓ | ||||||||||||||||
Note: A checkmark means that theory can qualitatively account for the phenomenon, and ‘.5′ means that theory can qualitatively account for a subset of the phenomena.