Subjective Values Theory: The Psychophysics of Psychological Value
People perceive the Psychological Value of all stimuli. Cohen and colleagues (Under Review; 2016) have measured perceived Psychological Values of a variety of stimuli and demonstrated that those measurements predict participants’ RTs and response choices in preferential choice tasks. Here, we examine the psychophysical properties of perceived Psychological Value. The current work examines how the perceived Psychological Value of a group of items changes as a function of (a) the number of items, and (b) the perceived Psychological Values of the individual items in the group. If more is better, as the Axiom of Monotonicity assumes, then the perceived Psychological Value of the group should be a function of the sum of the perceived Psychological Values of the individual items in the group. Ensemble stimuli, in contrast, are generally averaged (termed perceptual averaging). If Psychological Value is perceived similar to other perceptual dimensions, then the perceived Psychological Value of the group should be a function of the average of the perceived Psychological Values of the individual items in the group. Using a magnitude estimation procedure, we collected perceived Psychological Values of individual items and groups of items. Results indicate that perceived Psychological Value of groups is well predicted by a function of the average of the perceived Psychological Values of the individual items in the group (i.e., perceptual averaging rather than summing), with some influence of the maximum valued item (i.e., attentional capture of high valued stimuli).