| Literature DB >> 22013429 |
Nathaniel J S Ashby1, Andreas Glöckner, Stephan Dickert.
Abstract
Daily we make decisions ranging from the mundane to the seemingly pivotal that shape our lives. Assuming rationality, all relevant information about one's options should be thoroughly examined in order to make the best choice. However, some findings suggest that under specific circumstances thinking too much has disadvantageous effects on decision quality and that it might be best to let the unconscious do the busy work. In three studies we test the capacity assumption and the appropriate weighting principle of Unconscious Thought Theory using a classic risky choice paradigm and including a "deliberation with information" condition. Although we replicate an advantage for unconscious thought (UT) over "deliberation without information," we find that "deliberation with information" equals or outperforms UT in risky choices. These results speak against the generality of the assumption that UT has a higher capacity for information integration and show that this capacity assumption does not hold in all domains. Furthermore, we show that "deliberate thought with information" leads to more differentiated knowledge compared to UT which speaks against the generality of the appropriate weighting assumption.Entities:
Keywords: judgment and decision making; rational choice; risky choice; unconscious thought
Year: 2011 PMID: 22013429 PMCID: PMC3189625 DOI: 10.3389/fpsyg.2011.00261
Source DB: PubMed Journal: Front Psychol ISSN: 1664-1078
Gambles used in all three experiments ranked from highest to lowest EV. Each gamble consists of four probabilistic outcomes (attributes of the gambles).
| Rank | Outcome 1 | Outcome 2 | Outcome 3 | Outcome 4 | EV |
|---|---|---|---|---|---|
| 1 | 17.11€, 0.35 | 15.10€, 0.49 | 8.60€, 0.12 | 17.10€, 0.04 | 15.10€ |
| 2 | 16.15€, 0.32 | 18.45€, 0.31 | 14.70€, 0.24 | 2.60€, 0.13 | 14.75€ |
| 3 | 1.26€, 0.34 | 22.30€, 0.28 | 1.05€, 0.04 | 22.45€, 0.34 | 14.35€ |
| 4 | 18.62€, 0.37 | 18.60€, 0.06 | 7.90€, 0.21 | 12.75€, 0.36 | 14.25€ |
| 5 | 7.06€, 0.22 | 8.95€, 0.60 | 14.05€, 0.03 | 23.40€, 0.15 | 10.85€ |
| 6 | 6.14€, 0.37 | 9.50€, 0.27 | 15.55€, 0.02 | 15.75€, 0.34 | 10.50€ |
| 7 | 19.27€, 0.19 | 10.55€, 0.49 | 5.10€, 0.03 | 1.45€, 0.29 | 9.40€ |
| 8 | 6.10€, 0.13 | 8.70€, 0.31 | 3.90€, 0.31 | 18.00€, 0.25 | 9.20€ |
| 9 | 1.63€, 0.09 | 3.55€, 0.15 | 1.60€, 0.36 | 10.85€, 0.40 | 5.60€ |
| 10 | 7.85€, 0.14 | 8.15€, 0.23 | 4.00€, 0.40 | 4.25€, 0.23 | 5.55€ |
| 11 | 6.04€, 0.31 | 5.90€, 0.12 | 3.20€, 0.50 | 15.35€, 0.07 | 5.25€ |
| 12 | 4.56€, 0.27 | 16.50€, 0.13 | 8.05€, 0.04 | 2.05€, 0.56 | 4.85€ |
Figure 1Choices for the gamble with the highest EV in Experiment 1.
Figure 2Absolute deviations of EV estimations in Experiment 1. Higher scores indicate larger deviations and therefore less differentiated knowledge concerning the option. Error bars indicate SEs corrected for clusters at the participant level.
Figure 3Choices for the gamble with the highest EV in Experiment 2.
Figure 4Absolute deviations of EV estimations in Experiment 2. Higher scores indicate larger deviations and therefore less differentiated knowledge concerning the option. Error bars indicate SEs corrected for clusters at the participant level.
Figure 5Choices for the gamble with the highest EV in Experiment 3.
Figure 6Absolute deviations of EV estimations in Experiment 3. Higher scores indicate larger deviations and therefore less differentiated knowledge concerning the option. Error bars indicate SEs corrected for clusters at the participant level.