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Effects of icon arrays to communicate risk in a repeated risky decision-making task

Published online by Cambridge University Press:  01 January 2023

Paul C. Price*
Affiliation:
Department of Psychology, California State University, Fresno
Grace A. Carlock
Affiliation:
Department of Psychology, California State University, Fresno
Sarah Crouse
Affiliation:
Department of Psychology, California State University, Fresno
Mariana Vargas Arciga
Affiliation:
Department of Psychology, California State University, Fresno
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Abstract

In two experiments, participants decided on each of several trials whether or notto take a risk. If they chose to take the risk, they had a relatively highprobability (from 75% to 95%) of winning a small number of points and arelatively low probability (5% to 25%) of losing a large number of points. Theloss amounts varied so that the expected value of taking the risk was positiveon some trials, zero on others, and negative on the rest. The main independentvariable was whether the probability of losing was communicated using numericalpercentages or icon arrays. Both experiments included random icon arrays, inwhich the icons representing losses were randomly distributed throughout thearray. Experiment 2 also included grouped icon arrays, in which the iconsrepresenting losses were grouped at the bottom of the array. Neither type oficon array led to better performance in the task. However, the random iconarrays led to less risk taking than the numerical percentages or the groupedicon arrays, especially at the higher loss probabilities. In a third experiment,participants made direct judgments of the percentages and probabilitiesrepresented by the icon arrays from Experiment 2. The results supported the ideathat random arrays lead to less risk taking because they are perceived torepresent greater loss probabilities. These results have several implicationsfor the study of icon arrays and their use in risk communication.

Information

Type
Research Article
Creative Commons
Creative Common License - CCCreative Common License - BY
The authors license this article under the terms of the Creative Commons Attribution 3.0 License.
Copyright
Copyright © The Authors [2022] This is an Open Access article, distributed under the terms of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/3.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
Figure 0

Figure 1: An icon array representing a 15% probability of some negative outcome. This is also an example of the random icon arrays used in Experiment 2.

Figure 1

Table 1: Loss amounts for each of the 15 different combinations of loss probability and expected value (EV) in Experiments 1 and 2. The gain amount was always +10

Figure 2

Figure 2: The icon arrays used in Experiment 1.

Figure 3

Figure 3: Boxplots showing the distribution of points earned in the numerical probability and icon-array conditions in Experiment 1.

Figure 4

Figure 4: Means of the proportion of risks taken in Experiment 1, with error bars representing 95% confidence intervals.

Figure 5

Figure 5: Means of the response times in Experiment 1, with error bars representing 95% confidence intervals.

Figure 6

Figure 6: Boxplots showing the distribution of points earned in the numerical probability, grouped icon-array, and random icon-array conditions in Experiment 2.

Figure 7

Figure 7: Means of the proportion of risks taken in Experiment 2, with error bars representing 95% confidence intervals.

Figure 8

Figure 8: Means of the response times in Experiment 2, with error bars representing 95% confidence intervals.

Figure 9

Figure 9: Means of the judgments in Experiment 3, with error bars representing 95% confidence intervals.