An eye-tracking study on information processing in risky decisions: Evidence for compensatory strategies based on automatic processes

Many everyday decisions have to be made under risk and can be interpreted as choices between gambles with different outcomes that are realized with specific probabilities. The underlying cognitive processes were investigated by testing six sets of hypotheses concerning choices, decision times, and i...

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Vydané v:Journal of behavioral decision making Ročník 24; číslo 1; s. 71 - 98
Hlavní autori: Glöckner, Andreas, Herbold, Ann-Katrin
Médium: Journal Article
Jazyk:English
Vydavateľské údaje: Chichester, UK John Wiley & Sons, Ltd 01.01.2011
Wiley
Wiley Periodicals Inc
Predmet:
Automatic processes
Choices
Cognition
Cognition & reasoning
Constraint satisfaction models
Constraints
cumulative prospect theory
decision field theory
Decision making
Decision making models
Decision theory
Decisions
Entscheidung unter Risiko
Eye movements
Eye tracking
Fixation
Gambling
Heuristic
Heuristics
Heuristik
Information
Information dissemination
Information processing
Information technology
Intuition
Management science
Operations research
parallel constraint satisfaction
priority heuristic
Probability
Prospect Theory
risky decisions
Satisfaction
Studies
Test
Theory
Tracking
Wahrnehmung
ISSN:0894-3257, 1099-0771
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Shrnutí:Many everyday decisions have to be made under risk and can be interpreted as choices between gambles with different outcomes that are realized with specific probabilities. The underlying cognitive processes were investigated by testing six sets of hypotheses concerning choices, decision times, and information search derived from cumulative prospect theory, decision field theory, priority heuristic and parallel constraint satisfaction models. Our participants completed 40 decision tasks of two gambles with two non‐negative outcomes each. Information search was recorded using eye‐tracking technology. Results for choices, decision time, the amount of information searched for, fixation durations, the direction of the information search, and the distribution of fixations conflict with the prediction of the non‐compensatory priority heuristic and indicate that individuals use compensatory strategies. Choice proportions are well in line with the predictions of cumulative prospect theory. Process measures indicate that individuals thereby do not rely on deliberate calculations of weighted sums. Information integration processes seem to be better explained by models that partially rely on automatic processes such as decision field theory or parallel constraint satisfaction models. Copyright © 2010 John Wiley & Sons, Ltd.
Bibliografia:ark:/67375/WNG-Z23C9D2W-9
istex:F8394583CB1B63DA101D7221B234CFED7D012856
ArticleID:BDM684
ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
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ISSN:0894-3257
1099-0771
DOI:10.1002/bdm.684