Abstract

Two experiments were performed to investigate the effects of perspectives on preference judgments. Proportion of investment to the total asset was manipulated in Experiment 1. Information about probability of gain and loss was highly correlated with the judgment in the price task, whereas information about the amount of gain and loss was correlated with the judgment in the selection task. The pattern of results in the three levels of investment, however, were quite similar to one another. Roles of the decision maker, either as buyers or as sellers, were manipulated in Experiment 2. Information about the amount of gain and loss was correlated with the judgment in the selection task for both buyers and sellers. Buyers and sellers were influenced by the expected value of the stocks and the probability of the gain of the stocks in the price task. However, relative importance of the two factors were different: Sellers were more influenced by the expected value of the stocks, whereas buyers were more influenced by the probability of gain. The results suggested that the perspectives of decision makers affected the relevance of information, and consequently the preference judgment.