The valence of an emotion is how strongly we feel it and whether they are positive or negative. Given what we've covered in this class, what can be said about the valence of outcomes of gambles? Choose one • 1 point Losses are of lower valence versus equivalent wins. Wins are of lower valence versus equivalent losses. The valence of both wins and losses rise proportionally with their value. Neither wins nor losses should have a higher valence if the absolute values are the same.
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Valence refers to the emotional value or significance of an event, which can be positive or negative. In the context of gambles, wins are generally considered positive valence, and losses are considered negative valence. Show more…
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Most people dislike losses more than they like gains. In money terms, people are about as sensitive to a loss of $10 as to a gain of $20. To discover what parts of the brain are active in decisions about gain and loss, psychologists presented subjects with a series of gambles with different odds and different amounts of winnings and losses. From a subject's choices, they constructed a measure of "behavioral loss aversion." Higher scores show greater sensitivity to losses. Observing brain activity while subjects made their decisions pointed to specific brain regions. The table contains data for 16 subjects on behavioral loss aversion and "neural loss aversion," a measure of activity in one region of the brain. Neural -50.0 -39.1 -25.9 -26.7 -28.6 -19.8 -17.6 5.5 2.6 20.7 12.1 15.5 28.8 41.7 55.3 155.2 Behavioral 0.08 0.81 0.01 0.12 0.68 0.11 0.36 0.34 0.53 0.68 0.99 1.04 0.66 0.86 1.29 1.94 (a) Use the software of your choice to make a scatterplot that shows how behavior responds to brain activity. Choose the correct scatterplot. Scatterplot IV Scatterplot I Scatterplot II Scatterplot III (b) What is the overall pattern of the data? The data follows a curved pattern. The data moderately follows a straight line with positive association. The data does not appear to form a pattern. The data closely follows a straight line with negative association. There is one clear outlier. What is the behavioral score associated with this outlier? Enter an exact answer. behavioral score= (c) Find the correlation r between neural and behavioral loss aversion with the outlier. Enter your answer rounded to four decimal places. r= Find the correlation r between neural and behavioral loss aversion without the outlier. Enter your answer rounded to four decimal places. r= By looking at your plot, why does adding the outlier to the other data points cause r to increase? Adding the outlier makes the correlation stronger since it fits the pattern of the other points. Adding the outlier makes the correlation stronger since it is the data point with the largest x-value and y-value. Adding the outlier makes the correlation stronger since it is the data point with the largest x-value. Adding the outlier makes the correlation stronger since adding more data points always strengthens a linear relationship.
Ameer S.
A person's value function is v(x) = √(x/3) for gains and v(x) = -3√(x/3) for losses. Consider the following: a) This person is facing the choice between a sure £3 and a gamble. The gamble pays £6 with a probability of 0.60 and £2 with a probability of 0.4. If this person takes the worst possible outcome as his/her reference point, what is the value of the gamble? b) This person lost £15 in a bet. However, on his way back home, he found £5 on the road. If he integrates the loss and gain, what is his total value?
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12. Positive events are great, but recent research suggests that unexpected positive outcomes (e.g., an unseasonably sunny day) predict greater-than-normal amounts of risk-taking and gambling (Otto, Fleming, & Glimcher, 2016). Researchers demonstrated this by comparing lottery sales—indicative of risk-taking—on normal days with lottery sales on days when some unexpected positive event occurred in the city. They observed increased sales after unexpected positive outcomes. Suppose that a researcher extends this observation to the laboratory and randomly assigns participants to two groups. Group 1 receives an unexpectedly large payment for participating and Group 2 receives the expected amount of compensation. The researcher then measures how much money the participants are willing to gamble in a game of chance. Unexpected Positive Outcome n = 16 M = 5.75 SS = 6.5 Expected Outcome n = 16 M = 5.00 SS = 10.0 Test the one-tailed hypothesis that an unexpected positive outcome increased the amount of money that participants were willing to gamble. Use ̑ = .01.
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