Attention in risky choice

Previous research on the processes involved in risky decisions has rarely linked process data to choice directly. We used a simple measure based on the relative amount of attentional deployment to different components (gains/losses and their probabilities) of a risky gamble during the choice process, and we related this measure to the actual choice. In an experiment we recorded the decisions, decision times, and eye movements of 80 participants who made decisions on 11 choice problems. We used the number of eye fixations and fixation transitions to trace the deployment of attention during the choice process and obtained the following main results. First, different components of a gamble attracted different amounts of attention depending on participants' actual choice. This was reflected in both the number of fixations and the fixation transitions. Second, the last-fixated gamble but not the last-fixated reason predicted participants' choices. Third, a comparison of data obtained with eye tracking and data obtained with verbal protocols from a previous study showed a large degree of convergence regarding the process of risky choice. Together these findings tend to support dimensional decision strategies such as the priority heuristic.     

The response dynamics of preferential choice

The ubiquity of psychological process models requires an increased degree of sophistication in the methods and metrics that we use to evaluate them. We contribute to this venture by capitalizing on recent work in cognitive science analyzing response dynamics, which shows that the bearing information processing dynamics have on intended action is also revealed in the motor system. This decidedly “embodied” view suggests that researchers are missing out on potential dependent variables with which to evaluate their models—those associated with the motor response that produces a choice. The current work develops a method for collecting and analyzing such data in the domain of decision making. We first validate this method using widely normed stimuli from the International Affective Picture System (Experiment 1), and demonstrate that curvature in response trajectories provides a metric of the competition between choice options. We next extend the method to risky decision making (Experiment 2) and develop predictions for three popular classes of process model. The data provided by response dynamics demonstrate that choices contrary to the maxim of risk seeking in losses and risk aversion in gains may be the product of at least one “online” preference reversal, and can thus begin to discriminate amongst the candidate models. Finally, we incorporate attentional data collected via eye-tracking (Experiment 3) to develop a formal computational model of joint information sampling and preference accumulation. In sum, we validate response dynamics for use in preferential choice tasks and demonstrate the unique conclusions afforded by response dynamics over and above traditional methods.     

Comparison selection: An approach to the study of consumer judgment and choice

We introduce an alternative perspective on the study of consumer judgment and decision making, which is based on the notion that judgment and choice problems consist of comparisons that decision makers might select. Our new perspective proposes that if we can predict the likelihood that particular comparisons will become focal in a judgment or choice task, we will be able to gain a better understanding of and anticipate the resulting effect. Building on related literatures, we propose that comparison selection is driven by the task's latitude of acceptance (LOA) and comparison fluency (i.e., the overall ease of making that comparison). The task's LOA curve represents the range and concentration of potentially acceptable comparisons, whereas comparison fluency refers to the salience and ease of making the comparison. We illustrate our approach using previously studied problems (e.g., choice, variety seeking, the “jacket and calculator” problem, and contingent valuation) as well as new empirical tests.     

Maximizing,choice freedom,and duration judgments in choice making

This paper examines (a) whether people are less accurate in judging choice time as choice tasks involve more choice options, more choice information, or a combination of both and (b) whether people with a higher tendency to look for the best option in choice making (maximizers) have less accurate duration judgments of choice time as compared to people who are more easily settling for a choice outcome that is satisfactory (satisficers). A multilevel analysis is used to explore the relationships of interest using data collected through a series of choice tasks. In general, the results suggest that people seem to misjudge time durations when making choices. Moreover, empirical evidence demonstrates that people with an outspoken tendency to maximize in choice making do not differ significantly in estimating choice time accurately as compared to people who experience almost no need to maximize.     

Multi-attribute choice and affect: The influence of naturally occurring and manipulated moods on choice processes

Based on a two-dimensional model of affect that views Pleasantness and Arousal as affect's two primary dimensions, this study investigates the effects of emotions on choice processes and outcomes. In Study 1, subjects first described their naturally occurring emotional state and then performed two multi-attribute product choice tasks. Subjects in more pleasant mood deliberated longer, used more decision-related information, re-examined more previously examined information, and made more interdimensional moves. Subjects in more aroused mood spent less time deliberating, revealed less information, ignored more product-describing attributes, and re-examined less of previously examined information. Study 2 replicated many of these effects with experimentally manipulated emotions and using a managerial decision-making task. The results are interpreted in terms of (1) a congruency between one's hedonic state and selected decision strategy and (2) a restriction in attentional capacity induced by increased Arousal.     

Caveats on a process-tracing measure and a remedy

In process-tracing studies, a frequently used index describes whether information selection behavior is attribute — or alternativewise. The performance of this index is investigated under the assumption that subjects select information in a random fashion. The results show that the index may lead to inaccurate conclusions regarding the information-acquisition strategy of a subject. In addition, a Monte Carlo study is conducted that examines the sensitivity of the index to strategy changes. An alternative index is derived and a latent-class model is proposed for a parsimonious representation of individual differences in information acquisition.     

中国儿童青少年跨期决策的发展与脑发育机制

跨期决策是指人们对时间成本与收益进行权衡, 进而做出评价与选择, 其研究主要围绕时间折扣, 是指与当前或近期的损益相比, 人们赋予未来损益更小的权重。虽然有争议, 但Mischel等人很早就通过著名的“棉花糖实验”证明了延迟满足能力越强的儿童有着更高的学业成就。延迟满足与跨期决策都是在时间维度上进行的决策。研究者通过脑成像技术发现了成人大脑内支持跨期决策的三个神经网络系统, 但关于儿童的研究鲜有报道。这三大脑网络系统都位于额叶皮层, 该皮层在儿童青少年时期快速发育。通过采用横断研究和纵向研究相结合的实验设计, 对处于跨期决策发展关键期的中国儿童青少年人群进行测查和追踪; 借助神经影像技术, 考察跨期决策发展与脑发育的关系; 整合多模态神经影像技术, 构建可以预测跨期决策能力的脑影像指标。     

The lure of choice

We report three studies demonstrating the ‘lure of choice’ people prefer options that allow them to take further choices over those that do not, even when the extra choices cannot improve the ultimate outcome. In Studies 1 and 2, participants chose between two options: one solitary item, and a pair of items between which they would then make a further choice. Consistent with the lure of choice, a given item was more likely to be the ultimate choice when it was initially part of a choice pair than when it was offered on its own. We also demonstrate the lure of choice in a four‐door version of the Monty Hall problem, in which participants could either stick with their original choice or switch to one of two unopened doors. Participants were more likely to switch if they could first ‘choose to choose’ between the two unopened doors (without immediately specifying which) than if they had to choose one door straightaway. We conclude by suggesting that the lure of choice is due to a choice heuristic that is very reliable in the natural world, but much less so in a world created by marketers. Copyright © 2003 John Wiley & Sons, Ltd.     

Multi-attribute,multi-alternative models of choice: Choice,reaction time,and process tracing

The first aim of this research is to compare computational models of multi-alternative, multi-attribute choice when attribute values are explicit. The choice predictions of utility (standard random utility & weighted valuation), heuristic (elimination-by-aspects, lexicographic, & maximum attribute value), and dynamic (multi-alternative decision field theory, MDFT, & a version of the multi-attribute linear ballistic accumulator, MLBA) models are contrasted on both preferential and risky choice data. Using both maximum likelihood and cross-validation fit measures on choice data, the utility and dynamic models are preferred over the heuristic models for risky choice, with a slight overall advantage for the MLBA for preferential choice. The response time predictions of these models (except the MDFT) are then tested. Although the MLBA accurately predicts response time distributions, it only weakly accounts for stimulus-level differences. The other models completely fail to account for stimulus-level differences. Process tracing measures, i.e., eye and mouse tracking, were also collected. None of the qualitative predictions of the models are completely supported by that data. These results suggest that the models may not appropriately represent the interaction of attention and preference formation. To overcome this potential shortcoming, the second aim of this research is to test preference-formation assumptions, independently of attention, by developing the models of attentional sampling (MAS) model family which incorporates the empirical gaze patterns into a sequential sampling framework. An MAS variant that includes attribute values, but only updates the currently viewed alternative and does not contrast values across alternatives, performs well in both experiments. Overall, the results support the dynamic models, but point to the need to incorporate a framework that more accurately reflects the relationship between attention and the preference-formation process.     

A generalized distance function for preferential choices

Many cognitive theories of judgement and decision making assume that choice options are evaluated relative to other available options. The extent to which the preference for one option is influenced by other available options will often depend on how similar the options are to each other, where similarity is assumed to be a decreasing function of the distance between options. We examine how the distance between preferential options that are described on multiple attributes can be determined. Previous distance functions do not take into account that attributes differ in their subjective importance, are limited to two attributes, or neglect the preferential relationship between the options. To measure the distance between preferential options it is necessary to take the subjective preferences of the decision maker into account. Accordingly, the multi‐attribute space that defines the relationship between options can be stretched or shrunk relative to the attention or importance that a person gives to different attributes describing the options. Here, we propose a generalized distance function for preferential choices that takes subjective attribute importance into account and allows for individual differences according to such subjective preferences. Using a hands‐on example, we illustrate the application of the function and compare it to previous distance measures. We conclude with a discussion of the suitability and limitations of the proposed distance function.     

Prospect theory analysis of guessing in multiple choice tests

The guessing of answers in multiple choice tests adds random error to the variance of the test scores, lowering their reliability. Formula scoring rules that penalize for wrong guesses are frequently used to solve this problem. This paper uses prospect theory to analyze scoring rules from a decision‐making perspective and focuses on the effects of framing on the tendency to guess. In three experiments participants were presented with hypothetical test situations and were asked to indicate the degree of certainty that they thought was required for them to answer a question. In accordance with the framing hypothesis, participants tended to guess more when they anticipated a low grade and therefore considered themselves to be in the loss domain, or when the scoring rule caused the situation to be framed as entailing potential losses. The last experiment replicated these results with a task that resembles an actual test. Copyright © 2002 John Wiley & Sons, Ltd.     

On self-referencing differences in judgment and choice

Compared to judgment, choice is argued to elicit more self-referent processing and thereby produce greater subsequent recall of evaluated information. This response mode effect is shown to be dependent upon sufficient visualization to overcome the use of heuristic processing during choice. When visualizing prior to the task, choice leads to increased thinking about personal consumption occasions relative to judgment, leading to enhanced recall of vivid (vs. non-vivid) attributes. This proposed interaction of task and visualization was found in two experiments that assessed incidental recall following a choice or judgment task. In experiment 1, participants recalled more vivid product attribute information after choosing between options than after rating each option separately, but only when instructed to visualize during evaluation. To eliminate a comparison-based explanation of this effect, a second experiment was conducted that presented only one option in each category. Participants who evaluated their intention to purchase the option (a judgment equivalent of choice) demonstrated greater recall of vivid product attribute information than did participants who rated their liking for the option, and this recall difference was again moderated by instructions to visualize.     

On the role of language in social choice theory

Axiomatic characterization results in social choice theory are usually compared either regarding the normative plausibility or regarding the logical strength of the axioms involved. Here, instead, we propose to compare axiomatizations according to the language used for expressing the axioms. In order to carry out such a comparison, we suggest a formalist approach to axiomatization results which uses a restricted formal logical language to express axioms. Axiomatic characterization results in social choice theory then turn into definability results of formal logic. The advantages of this approach include the possibility of non-axiomatizability results, a distinction between absolute and relative axiomatizations, and the possibility to ask how rich a language needs to be to express certain axioms. We argue for formal minimalism, i.e., for favoring axiomatizations in the weakest language possible.     

The role of desires in sequential impulsive choices

The present research provides evidence for a sequential mitigation effect, which is the phenomenon that participation in a prior impulsive choice task significantly reduces the decision maker’s likelihood of choosing impulsively in a subsequent task. The results of five experiments: (a) provide evidence for the Sequential Mitigation Effect using different study materials and contexts (Experiments 1–3), (b) show that prior impulsive (as opposed to non-impulsive) choice is required for the effect to occur (Experiment 4), and (c) find that the decision maker’s chronic sensitivity to positive and negative outcomes moderates the effect (Experiment 5). The results support the notion that desire for impulsive options functions as a limited motivational resource, and being consumed in the first task, is experienced to a lesser extent in the second task. The sequential mitigation effect may be characterized as a motivational contextual influence on decision making, complementing existing research showing that cognitive context effects influence sequential choices.     

Tests of an indifference rule in variable‐delay and double‐reward choice procedures with humans

Four hundred and fifty participants were recruited from Amazon Mechanical Turk across 3 experiments to test the predictions of a hyperbolic discounting equation in accounting for human choices involving variable delays or multiple rewards (Mazur, 1984, 1986). In Experiment 1, participants made hypothetical choices between 2 monetary alternatives, 1 consisting of a fixed delay and another consisting of 2 delays of equal probability (i.e., a variable‐delay procedure). In Experiment 2, participants made hypothetical monetary choices between a single, immediate reward and 2 rewards, 1 immediate and 1 delayed (i.e., a double‐reward procedure). Experiment 3 also used a double‐reward procedure, but with 2 delayed rewards. Participants in all 3 experiments also completed a standard delay‐discounting task. Finally, 3 reward amounts were tested in each type of task ($100, $1000, and $5000). In the double‐reward conditions (Experiments 2 and 3), the results were in good qualitative and quantitative agreement with Mazur's model (1984, 1986). In contrast, when participants made choices involving variable delays (Experiment 1), there was relatively poor qualitative and quantitative agreement with this model. These results, along with our previous findings, suggest the structure of questions in hypothetical tasks with humans can be a strong determinant of the choice pattern.     

The effect of introspection on judgment and decision making is dependent on the quality of conscious thinking

That introspection may impair certain judgments and result in fabrication has been attributed to a distracting shift from more adaptive intuitive processing to more analytic and conscious processing. This phenomenon was studied in an experiment where participants made multidimensional visual choices. It was found that the effect of this shift on decision-making performance was dependent on the quality of the explanations during introspection, while the performance in silent conditions was not. Therefore, it appears that the effect of introspection on judgments is not only influenced by the thinking mode per se, but also by the individual’s ability to approach the decision problem analytically.     

Blind spots in the search for happiness: Implicit attitudes and nonverbal leakage predict affective forecasting errors

We investigated implicit knowledge and affective forecasting, reasoning that although conscious evaluations are available to people when predicting their future emotional responses, nonconscious evaluations are not. However, these automatically-activated evaluations should contribute to in-the-moment emotional experiences, and thus they should account for misforecasts (i.e., discrepancies between affective forecasts and actual experiences). We conducted two studies to explore affective misforecasts, using food items as stimuli. In Study 1, participants' implicit attitudes (but not their explicit attitudes) predicted misforecasts of food enjoyment, supporting the role of nonconscious evaluations in affective forecasting errors. In Study 2, we examined participants' facial expressions (another index of nonconscious evaluation) upon the presentation of food items, and we found that these nonverbal behaviors predicted affective misforecasts as well. In sum, although nonconscious evaluations are unavailable when anticipating the future, they may contribute to one's in-the-moment experiences and thus serve as blind spots in affective forecasting.     

The Loss of Loss Aversion: Paying Attention to Reference Points

We agree with Gal and Rucker ( 2018 , in press) that loss aversion is not as firmly established as typically assumed. We affirm, however, the more general principle put forward within Prospect Theory (D. Kahneman & A. Tversky, 1979), which is that reference points increase people's sensitivity to objective changes in value. We show how the literatures on counterfactual thought, social comparison, and goal pursuit are consistent with the notion that reference points increase sensitivity to change in value, while not being consistent with loss aversion. We then examine, within the framework of Regulatory Focus theory (E. T. Higgins, 1997, 1998), how different reference points combine with characteristics of the actor and the situation to give rise to loss aversion (more sensitivity to negative outcomes than to positive outcomes) as well as to the reverse pattern (more sensitivity to positive outcomes than to negative outcomes). Our review suggests that the status quo, even when used as a reference point, is not necessarily neutral. It also suggests that anchor points other than the status quo may serve as reference points and that people may use more than one reference point simultaneously. More generally, we call for a critical examination of the “bad is stronger than good” principle.     

When the best appears to be saved for last: Serial position effects on choice

Decision‐makers often evaluate options sequentially due to constraints on attention, timing, or physical location of the options. Choosing the best option will therefore often depend on people's memories of the options. Because imperfect recall introduces uncertainty in earlier options, judgments of those options should regress toward the category mean as memory decays over time. Relatively desirable options will therefore tend to seem less desirable with time, and relatively undesirable options will tend to seem less undesirable with time. We therefore predicted that people will tend to select the first option in a set when choosing between generally undesirable options, and will tend to select the last when choosing between generally desirable options. We demonstrate these serial position effects in choices among paintings, American Idol audition clips, jellybeans, and female faces, provide evidence of its underlying mechanism, and explain how these findings build on existing accounts. Copyright © 2009 John Wiley & Sons, Ltd.