‘Risky Shift is Eminently Rational’: Erratum

Reports an error in the original article by Eugene Bernstein, Harold Miller, Amiram Vinokur, Stuart Katz, and Joan Crowley (Journal of Personality & Social Psychology, 1971(Dec), 20(3), 462-471). The tenth line of the first paragraph in the second column on page 463 should read: “The relation between pr and the utilities also shows what changes in utilities are necessary for changes in risk level.” (The following abstract of this article originally appeared in record 1972-08820-001.) Conducted 2 experiments with undergraduates (n = 216) which demonstrated that both individual and group decisions concerning minimum acceptable probability (risk level) are the result of a rational decision rule based on subjective expected utility theory. In the 1st experiment, the relative utilities of the outcomes were used to predict S's initial risk level, assuming he were rational. These estimated values were quite close to the actual risk levels chosen, both before and after group discussion. In the 2nd experiment, the group decision concerned the relative utilities of the outcomes instead of the usual issue of agreeing on minimum acceptable probabilities. The shifts in relative utilities compared favorably with the shifts in risk obtained in the 1st experiment, assuming the group decision was also rationally determined. Shifts in risk, therefore, may be considered an epiphenomenon, the direct result of changes in utilities produced during discussion. (PsycINFO Database Record (c) 2007 APA, all rights reserved)