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© 2013 Fennell, Baddeley. This is an open-access article distributed under the terms of the Creative Commons Attribution License: https://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

Abstract

If choices are to be made between alternatives like should I go for a walk or grab a coffee, a ‘common currency’ is needed to compare them. This quantity, often known as reward in psychology and utility in economics, is usually conceptualised as a single dimension. Here we propose that to make a comparison between different options it is important to know not only the average reward, but also both the risk and level of certainty (or control) associated with an option. Almost all objects can be the subject of choice, so if these dimensions are required in order to make a decision, they should be part of the meaning of those objects. We propose that this ubiquity is unique, so if we take an average over many concepts and domains these three dimensions (reward, risk, and uncertainty) should emerge as the three most important dimensions in the “meaning” of objects. We investigated this possibility by relating the three dimensions of reward to an old, robust and extensively studied factor analytic instrument known as the semantic differential. Across a very wide range of situations, concepts and cultures, factor analysis shows that 50% of the variance in rating scales is accounted for by just three dimensions, with these dimensions being Evaluation, Potency, and Activity [1]. Using a statistical analysis of internet blog entries and a betting experiment, we show that these three factors of the semantic differential are strongly correlated with the reward history associated with a given concept: Evaluation measures relative reward; Potency measures absolute risk; and Activity measures the uncertainty or lack of control associated with a concept. We argue that the 50% of meaning captured by the semantic differential is simply a summary of the reward history that allows decisions to be made between widely different options.

Details

Title
Reward Is Assessed in Three Dimensions That Correspond to the Semantic Differential
Author
Fennell, John G; Baddeley, Roland J
First page
e55588
Section
Research Article
Publication year
2013
Publication date
Feb 2013
Publisher
Public Library of Science
e-ISSN
19326203
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
1330878422
Copyright
© 2013 Fennell, Baddeley. This is an open-access article distributed under the terms of the Creative Commons Attribution License: https://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.