Literature DB >> 22763337

How choice ecology influences search in decisions from experience.

Tomás Lejarraga1, Ralph Hertwig, Cleotilde Gonzalez.   

Abstract

Research into human decision-making has often sidestepped the question of search despite its importance across a wide range of domains such as search for food, mates, allies, visual targets or information. Recently, research on decisions from experience has made progress in finding out how individual characteristics shape search for information. Surprisingly little is known, however, about how the properties of the choice ecology shape people's search. To fill this void, we analyzed how two key ecological properties influence search effort: domain of choice (gains vs. losses) and experienced variance (variance vs. no variance). Many people search longer when facing the prospect of losses relative to gains. Moreover, most people search more in options in which they experience variance relative to options they experience as invariant. We conclude that two factors that have been identified as important determinants of choice also influence search of information.
Copyright © 2012 Elsevier B.V. All rights reserved.

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Year:  2012        PMID: 22763337     DOI: 10.1016/j.cognition.2012.06.002

Source DB:  PubMed          Journal:  Cognition        ISSN: 0010-0277


  14 in total

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

Authors:  Thorsten Pachur; Benjamin Scheibehenne
Journal:  Psychon Bull Rev       Date:  2017-12

2.  Loss restlessness and gain calmness: durable effects of losses and gains on choice switching.

Authors:  Eldad Yechiam; Gal Zahavi; Eli Arditi
Journal:  Psychon Bull Rev       Date:  2015-08

3.  Biasing moral decisions by exploiting the dynamics of eye gaze.

Authors:  Philip Pärnamets; Petter Johansson; Lars Hall; Christian Balkenius; Michael J Spivey; Daniel C Richardson
Journal:  Proc Natl Acad Sci U S A       Date:  2015-03-16       Impact factor: 11.205

4.  To not settle for small losses: evidence for an ecological aspiration level of zero in dynamic decision-making.

Authors:  Bo Pang; Nathaniel J Blanco; W Todd Maddox; Darrell A Worthy
Journal:  Psychon Bull Rev       Date:  2017-04

5.  Association between Stock Market Gains and Losses and Google Searches.

Authors:  Eli Arditi; Eldad Yechiam; Gal Zahavi
Journal:  PLoS One       Date:  2015-10-29       Impact factor: 3.240

6.  On the relation between economic bubbles and effort gaps between sellers and buyers: An experimental study.

Authors:  Eldad Yechiam; Amitay Kauffmann; Nathaniel J S Ashby; Gal Zahavi
Journal:  PLoS One       Date:  2017-12-11       Impact factor: 3.240

7.  Information foraging for perceptual decisions.

Authors:  Casimir J H Ludwig; David R Evens
Journal:  J Exp Psychol Hum Percept Perform       Date:  2016-11-07       Impact factor: 3.332

8.  Loss Aversion Reflects Information Accumulation, Not Bias: A Drift-Diffusion Model Study.

Authors:  Summer N Clay; John A Clithero; Alison M Harris; Catherine L Reed
Journal:  Front Psychol       Date:  2017-10-10

9.  A normative inference approach for optimal sample sizes in decisions from experience.

Authors:  Dirk Ostwald; Ludger Starke; Ralph Hertwig
Journal:  Front Psychol       Date:  2015-09-10

Review 10.  How the threat of losses makes people explore more than the promise of gains.

Authors:  Tomás Lejarraga; Ralph Hertwig
Journal:  Psychon Bull Rev       Date:  2017-06
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