Applying Prospect Theory to Pilot Weather-Related Decision-Making: The Impact of Monetary and Time Considerations on Risk Taking Behaviour

Autor/inn/en	Walmsley, Stephen; Gilbey, Andrew
Titel	Applying Prospect Theory to Pilot Weather-Related Decision-Making: The Impact of Monetary and Time Considerations on Risk Taking Behaviour
Quelle	In: Applied Cognitive Psychology, 34 (2020) 3, S.685-698 (14 Seiten) PDF als Volltext Verfügbarkeit
Zusatzinformation	ORCID (Walmsley, Stephen)
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0888-4080
DOI	10.1002/acp.3657
Schlagwörter	Decision Making; Risk; Weather; Air Transportation; Time; Money Management; Prediction + Suchen Sie Ihr Suchwort? Decision-making; Entscheidungsfindung; Risiko; Wetter; Zeit; Vorhersage
Abstract	One of the key findings of prospect theory is that people tend to treat potential gains differently to potential losses. Consistent with earlier findings across a range of areas, pilots were risk averse when faced with an uncertain situation involving monetary gains and risk seeking when faced with a monetary loss. Prospect theory has largely been used to explore monetary decision-making; however, "time" is potentially a more important consideration for pilots than money. For example, how much time can be flown with the current fuel onboard. It was found that pilots' decision behaviour changed when faced with a decision involving time, with pilots risk averse for both a time gain and a time loss situation. Pilots appeared to prefer to know precisely the time required for a journey, rather than take a gamble on a potential short cut. Evidence also suggests pilots were more likely to take risks in situations that they perceive they have more control over (e.g. air traffic delays) compared to dynamic weather-related events. There was some evidence to suggest pilots do not consider a decision in terms of an end state, but rather in terms of losses and gains from their current state. The final part of the study found evidence that it may be possible to predict pilot risk taking behaviour using self-report decision frames. (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2022/1/01