Differences in cognitive control between real and hypothetical payoffs Working paper (Preliminary draft, not for citation)
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چکیده
This paper focuses on the question of neuronal differences in the evaluation of hypothetical and real payoffs. Previous research in experimental economics (e.g. Holt and Laury 2002) has shown that there are differences in subjects’ behavior when evaluating hypothetical and real payoffs. We conducted a two sessions EEG-experiment with high-stake payoffs. We used the certainty equivalent method for payoff evaluation in which subjects were asked whether they preferred playing a lottery or receiving a sure payoff instead. Our behavioral results are in line with former studies indicating that subjects are more risk averse when being faced with real payoff. The EEG data provides evidence that these decision processes are different in brain activity. A greater N2 could be evoked for hypothetical payoffs, which shows that higher cognitive control is present in hypothetical decisions. These neuronal underpinnings provide an indication for additional evaluation processes for hypothetical decisions which could explain a shift of the certainty equivalent toward the expected value of a lottery.
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تاریخ انتشار 2012