The probability + utility rule in attractiveness judgments of positive gambles

Abstract Two groups of subjects were asked to assess a series of positive gambles (constructed from an orthogonal factorial design) using either a monetary or an attractiveness scale. In the monetary condition, the probability and utility information integration rule is multiplicative ( Anderson & Shanteau, 1970 findings). In the attractiveness condition, the rule is additive with a predominance of the probability factor ( Levin, Johnson, Russo, & Deldin, 1985 findings in the Wins condition). In this condition, the multiplication of probabilities and utilities, which is permitted by the independence axiom, is not carried out and subjects rate gambles as they would the attractiveness of any other ordinary object defined by attribute values. When subsequently placed in the attractiveness condition, subjects tested on the monetary scale transferred the knowledge of the functional relationships between monetary value, probability, and utility that they exhibited initially. The rule is multiplicative but the predominance of the probability factor subsists.