Why Improvement Can Trump Consistent Strong Performance: The Role of Effort Perceptions

How do evaluators form comparative judgments of improved versus consistently strong performance records with equivalent recent performance? We propose that evaluators judge those with improved records to be more deserving of future opportunities (e.g., a promotion) and that this can be explained – at least in part – by perceptions of effort investments. Specifically, evaluators rely on improvement to judge effort and hence devalue consistent strong performance. Five studies supported these propositions. Evaluators perceived greater effort investment and trait effort in individuals with improved profiles than those with consistent profiles and consequently thought that those with improved profiles were more deserving of future opportunities. We discuss implications of these results across various decision contexts. Copyright © 2017 John Wiley & Sons, Ltd.     

Evidence for Opportunity Cost Neglect in the Poor

People often neglect opportunity costs: They do not fully take into account forgone alternatives outside of a particular choice set. Several scholars have suggested that poor people should be more likely to spontaneously consider opportunity costs, because budget constraints should lead to an increased focus on trade‐offs. We did not find support for this hypothesis in five high‐powered experiments (total N = 2325). The experiments used different products (both material and experiential) with both high and low prices (from $8.50 to $249.99) and different methods of reminding participants of opportunity costs. High‐income and low‐income participants showed an equally strong decrease in willingness to buy when reminded of opportunity costs, implying that both the rich and the poor neglect opportunity costs. © 2017 The Authors Journal of Behavioral Decision Making Published by John Wiley & Sons Ltd.     

The Role of Anticipated Regret in Advice Taking

Across five studies, we demonstrate that anticipated future regret influences receptiveness to advice. While making a revision to one's own judgment based on advice, people can anticipate two kinds of future regret: (a) the regret of following non‐beneficial advice and (b) the regret of ignoring beneficial advice. In studies 1a (scenario task) and 1b (judgment task), we find that anticipated regret from erring after following advice is greater than anticipated regret from erring after ignoring advice. Furthermore, receptiveness decreases as the difference between anticipated regret from following and from ignoring advice increases. In study 2, we demonstrate that perceived justifiability of one's own initial decision is greater than that of advice. This difference in perceived justifiability influences anticipated regret and that, in turn, influences receptiveness. In study 3, we investigate the effect of advisor's expertise on perceived justifiability, anticipated regret, and receptiveness. In study 4, we propose and test an intervention to improve receptiveness based on self‐generation of advice justifications. Participants who were asked to self‐generate justifications for the advice were more receptive to it. This effect was mediated by perceived justifiability and anticipated regret. These findings shed further light on what prevents people from being receptive to advice and how this can be improved. Copyright © 2017 John Wiley & Sons, Ltd.     

Are Decisions Made by Group Representatives More Risk Averse? The Effect of Sense of Responsibility

We tested the hypothesis that a sense of responsibility drives group representatives' decisions to be more risk averse compared with decisions made by individuals. The hypothesis was supported when the monetary considerations (i.e., payoff inequality and the magnitude effect) were controlled for in the potential gain domain as well as in the potential loss domain. Evidence showed that this is because the group representatives were concerned about how they would view themselves (e.g., guilt and self‐blame) and also how they would be viewed by others (i.e., to avoid being blamed and looked down upon by others). This study provided new insights into understanding group representatives' decision making under risk. Copyright © 2017 John Wiley & Sons, Ltd.     

Discounting model selection with area‐based measures: A case for numerical integration

A novel method for analyzing delay discounting data is proposed. This newer metric, a model‐based Area Under Curve (AUC) combining approximate Bayesian model selection and numerical integration, was compared to the point‐based AUC methods developed by Myerson, Green, and Warusawitharana (2001) and extended by Borges, Kuang, Milhorn, and Yi (2016). Using data from computer simulation and a published study, comparisons of these methods indicated that a model‐based form of AUC offered a more consistent and statistically robust measurement of area than provided by using point‐based methods alone. Beyond providing a form of AUC directly from a discounting model, numerical integration methods permitted a general calculation in cases when the Effective Delay 50 (ED50) measure could not be calculated. This allowed discounting model selection to proceed in conditions where data are traditionally more challenging to model and measure, a situation where point‐based AUC methods are often enlisted. Results from simulation and existing data indicated that numerical integration methods extended both the area‐based interpretation of delay discounting as well as the discounting model selection approach. Limitations of point‐based AUC as a first‐line analysis of discounting and additional extensions of discounting model selection were also discussed.     

The Role of Character Strengths and Importance of Family on Mexican American College Students' Career Decision Self‐Efficacy

This study examined how character strengths and the importance of family influenced Mexican American college students' (N = 129) career decision self‐efficacy. Findings from a multiple regression analysis indicated that psychological grit and curiosity were significant predictors of career decision self‐efficacy. The authors discuss the importance of these findings and provide recommendations for future research.     

Object-Tool-Actor Interaction: Object Information Drives Intended Action

Tool use is typically explored via actor-tool interactions. However, the target-object (that which is being acted on) may influence perceived action possibilities and thereby guide action. Three different tool-target-object pairings were tested (Experiment 1). The hammering action demonstrated the greatest sensitivity and therefore subsequently used to further investigate target-object pairings. The hammer was removed as an option and instructions were provided using pictorial (Experiment 2), written (Experiment 3), and both pictorial and written formats (Experiment 4). The designed tool is chosen when available (Experiment 1) and when removed as a choice (i.e., the hammer), participants perform the same action associated with the designed tool (i.e., hammering) regardless of instruction method (Experiments 2, 3, and 4).     

Guiding the Talent and Career Development of the Gifted Individual

The authors highlight challenges that gifted individuals may encounter in their career development and propose a theory‐informed career counseling framework to help guide them through the process. Special consideration is given to issues that may be salient for gifted individuals in career counseling sessions. Uncontrollable factors that might influence their career decision making, including socioeconomic status, race, gender, and sexual orientation, are also addressed.     

‘Put Your Money Where Your Mouth Is!’: Effects of Streaks on Confidence and Betting in a Binary Choice Task

Human choice under uncertainty is influenced by erroneous beliefs about randomness. In simple binary choice tasks, such as red/black predictions in roulette, long outcome runs (e.g. red, red, red) typically increase the tendency to predict the other outcome (i.e. black), an effect labeled the “gambler's fallacy.” In these settings, participants may also attend to streaks in their predictive performance. Winning and losing streaks are thought to affect decision confidence, although prior work indicates conflicting directions. Over three laboratory experiments involving red/black predictions in a sequential roulette task, we sought to identify the effects of outcome runs and winning/losing streaks upon color predictions, decision confidence and betting behavior. Experiments 1 (n = 40) and 3 (n = 40) obtained trial‐by‐trial confidence ratings, with a win/no win payoff and a no loss/loss payoff, respectively. Experiment 2 (n = 39) obtained a trial‐by‐trial bet amount on an equivalent scale. In each experiment, the gambler's fallacy was observed on choice behavior after color runs and, in experiment 2, on betting behavior after color runs. Feedback streaks exerted no reliable influence on confidence ratings, in either payoff condition. Betting behavior, on the other hand, increased as a function of losing streaks. The increase in betting on losing streaks is interpreted as a manifestation of loss chasing; these data help clarify the psychological mechanisms underlying loss chasing and caution against the use of betting measures (“post‐decision wagering”) as a straightforward index of decision confidence. © 2014 The Authors. Journal of Behavioral Decision Making published by John Wiley & Sons Ltd.