Risky choice: An examination of information acquisition behavior
Tóm tắt
The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered.
Tài liệu tham khảo
Russo. J. E., & Dosher, B. A.Dimensional evaluation A heuristic for binary choice. Unpublished manuscript, University of California, San Diego, 1975.
Payne, J. W., & Braunstein, M. L.Task complexity and contingent processing in decision making: A replication and extension to risky choice. Unpublished manuscript, University of Chicago, 1977.
Anderson, N. H., &Shanteau, J. C. Information integration in risky decision making.Journal of Experimental Psychology, 1970,84, 441–451.
Bettman, J. R., & Jacoby, J. Patterns of processing in consumer information acquisition. In B. B. Anderson (Ed.),Advances in consumer research (Vol. 3), 1976, 315–320.
Bettman, J. R., &Kakkar, P. Effects of information presentation format on consumer information acquisition strategies.Journal of Consumer Research, 1977,3, 233–240.
Fishburn, P. C. Mean-risk analysis with risk associated with below-target returns.The American Economic Review, 1977,67, 116–126.
Kahneman, D., & Tversky, A. Prospect theory: An analysis of decision under risk.Econometrica, in press.
Lichtenstein, S., Slovic, P., &Zink, D. Effect of instruction in expected value on optimality of gambling decisions.Journal of Experimental Psychology, 1969,79, 236–240.
Payne, J. W. Alternative approaches to decision making under risk: Moments vs. risk dimensions.Psychological Bulletin, 1973,80, 439–454.
Payne, J. W. Relation of perceived risk to preferences among gambles.Journal of Experimental Psychology. Human Perception and Performance, 1975,104, 86–94.
Payne, J. W. Task complexity and contingent processing in decision making: An information search and protocol analysis.Organizational Behavior and Human Performance, 1976,16, 366–387.
Payne, J. W., &Braunstein, M. L. Preferences among gambles with equal underlying distributions.Journal of Experimental Psychology, 1971,87, 13–18.
Pitz, G. F. Decision making and cognition. In H. Jungerman & G. de Seeuw (Eds.),Proceedings of the fifth research conference on subjective probability utility and decision making. Dordrecht, Holland: Reidel, 1976.
Ranyard, R. H. Elimination by aspects as a decision rule for risky choice.Acta Psychologica, 1976,40, 299–310.
Rosen, L. D., &Rosenkoeiter, P. An eye fixation analysis of choice and Judgment with multiattribute stimuli.Memory & Cognition, 1976,4, 747–752.
Russo, J. E., &Rosen, L. D. An eye fixation analysis of multialternative choice.Memory & Cognition, 1975,3. 267–276.
Schoemaker, P. J. H.Experimental studies on decision making under risk: An information approach. Unpublished doctoral dissertation, of Pennsylvania, 1977.
Shanteau, J. An information-integration analysis of risky decision making. In M. F. Kaplan & S. Schwartz (Eds.),Human judgment and decision processes. New York: Academic Press. 1975.
Simon, H. A. Discussion: Cognition and social behavior. In J. S. Carroll & J. W. Payne (Eds.),Cognition and social behavior, Hillsdale, N.J: Erlbaum, 1976. Pp. 253–267.
Slovic, P., Fischhoff, B., &Lichtenstein, S. Behavioral decision theory.Annual Review of Psychology, 1977,28, 1–39.
Slovic, P., &Mcphillamy, D. Dimensionl commensurability and cue utilization in comparative judgment.Organizational Behavior and Human Performance, 1974,11, 174–194
Tversky, A. Elimination by aspects: A theory of choice.Psychological Review, 1972,79, 281–299.