Literature DB >> 20974711

Information search in decisions from experience. Do our patterns of sampling foreshadow our decisions?

Thomas T Hills1, Ralph Hertwig.   

Abstract

Do different patterns of sampling influence the decisions people make, even when the information the decisions are based on is equivalent? Do more and less switching between options correlate with different kinds of decision policies? In past research, the correspondence between search and decision patterns has been difficult to ascertain because the information obtained has often been confounded with its consequences in an exploration-exploitation trade-off. We used a sampling task in which information is explored prior to being exploited. We found that search patterns did reveal decision policies. Individuals who transitioned more frequently between options were more likely to choose options that win most of the time in round-wise comparisons and were more likely to underweight rare, risky events. Less switching between options was associated with choosing options that win in the long run on the basis of summary comparisons--decisions consistent with expected-value maximization and linear weighting of outcomes.

Entities:  

Mesh:

Year:  2010        PMID: 20974711     DOI: 10.1177/0956797610387443

Source DB:  PubMed          Journal:  Psychol Sci        ISSN: 0956-7976


  17 in total

Review 1.  Unpacking buyer-seller differences in valuation from experience: A cognitive modeling approach.

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Review 2.  Three gaps and what they may mean for risk preference.

Authors:  Ralph Hertwig; Dirk U Wulff; Rui Mata
Journal:  Philos Trans R Soc Lond B Biol Sci       Date:  2019-02-18       Impact factor: 6.237

3.  Age differences in risky choice: a meta-analysis.

Authors:  Rui Mata; Anika K Josef; Gregory R Samanez-Larkin; Ralph Hertwig
Journal:  Ann N Y Acad Sci       Date:  2011-10       Impact factor: 5.691

4.  Learning the opportunity cost of time in a patch-foraging task.

Authors:  Sara M Constantino; Nathaniel D Daw
Journal:  Cogn Affect Behav Neurosci       Date:  2015-12       Impact factor: 3.282

5.  Rapid decisions from experience.

Authors:  Matthew D Zeigenfuse; Timothy J Pleskac; Taosheng Liu
Journal:  Cognition       Date:  2014-02-16

6.  Information overload or search-amplified risk? Set size and order effects on decisions from experience.

Authors:  Thomas T Hills; Takao Noguchi; Michael Gibbert
Journal:  Psychon Bull Rev       Date:  2013-10

Review 7.  Foraging behavior in visual search: A review of theoretical and mathematical models in humans and animals.

Authors:  Marcos Bella-Fernández; Manuel Suero Suñé; Beatriz Gil-Gómez de Liaño
Journal:  Psychol Res       Date:  2021-03-21

8.  Processing Differences between Descriptions and Experience: A Comparative Analysis Using Eye-Tracking and Physiological Measures.

Authors:  Andreas Glöckner; Susann Fiedler; Guy Hochman; Shahar Ayal; Benjamin E Hilbig
Journal:  Front Psychol       Date:  2012-06-13

9.  Reinforcement learning modulates the stability of cognitive control settings for object selection.

Authors:  Anthony W Sali; Brian A Anderson; Steven Yantis
Journal:  Front Integr Neurosci       Date:  2013-12-18

10.  Creative foraging: An experimental paradigm for studying exploration and discovery.

Authors:  Yuval Hart; Avraham E Mayo; Ruth Mayo; Liron Rozenkrantz; Avichai Tendler; Uri Alon; Lior Noy
Journal:  PLoS One       Date:  2017-08-02       Impact factor: 3.240

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