It has been nearly 2 years since Ben Newell and I started working this paper, and we are now very pleased to have received the news that it will be published in Cognition later this year. The paper is titled: “Does the description-experience gap occur in the long run?”.
I will post the paper on the publications page when the proofs are done. In the meantime, here is the abstract:
“Previous research has shown that many choice biases are attenuated when short-run decisions are reframed to the long run. However, this literature has been limited to description-based choice tasks in which possible outcomes and their probabilities are explicitly specified. A recent literature has emerged showing that many core findings found using the description paradigm do not generalized to experience-based choice tasks in which possible outcomes and their probabilities are learned from sequential sampling. In the current study, we investigated whether this description-experience choice gap occurs in the long run. We examined description- and experience-based preferences under two traditional short run framed choice tasks (single-play, repeated-play) and also a long-run frame (multi-play). We found a reduction in the size of the description-experience gap in the long-run frame, which was attributable to greater choice maximizing in the description format and reduced overweighting of rare events in the experience format. We interpret these results as a “broad bracketing” effect: the long-run mindset attenuates short-run biases such as loss aversion and reliance on small samples.”