Failing to commit: Maximizers avoid commitment in a way that contributes to reduced satisfaction

Past research suggests that individuals who approach decisions with the goal of maximizing, or selecting the best possible option, show less satisfaction with their choices than those with the goal of satisficing, or selecting the first “good enough” option. The present investigation examines whether this difference in choice satisfaction stems from a difference in willingness to commit to one’s choices. We argue that maximizers are reticent to commit to their choices and that this reticence robs them of the dissonance reduction processes that leave people satisfied. In Study 1, maximizers reported a stronger preference than satisficers for retaining the possibility to revise choices, both when reporting preferences in their own life and when choosing between options in a hypothetical situation. In Study 2, satisficers showed evidence of classic dissonance reduction after making a choice - they offered higher ratings of a chosen poster and lower ratings of the rejected alternatives, relative to baseline. However, maximizers were less likely to change their impressions of the posters after their choice, leaving them less satisfied with their selected poster. These results provide valuable insight into post-decision processes that decrease maximizers’ satisfaction with their decisions.     

Trichotomous preferences for gambles

Let G_X be the set of all gambles on a set X of decision outcomes. Trichotomous preferences divide G_X into three disjoint subsets, viz., the set P⁺ of preferable gambles, the set P⁰ of indifferent gambles, and the set P^- of unpreferable gambles. Those preference comparisons are made against the status quo, i.e., the do-nothing alternative. This paper presents and discusses dyadic representations of such trichotomous preferences and identifies necessary and sufficient axioms for the existence of those representations.     

Car following from the driver’s perspective

In this commentary, it is argued that the car following models discussed in Brackstone, M., and McDonald, M. (Transportation Research – Part F (2000), pp. 181–196) ignore one or more of the following issues that characterize to observed driver behavior. These include: (i) car following is only one of many tasks that drivers perform simultaneously and receives therefore only intermittent attention and control (task scheduling/attention management), (ii) drivers are satisfied with a range of conditions that extend beyond the boundaries imposed by perceptual and control limitation (satisficing instead of optimal performance evaluation), and (iii) in each driving task drivers use a set of highly informative perceptual variables to guide decision making and control (perceptual rather than Newtonian input). To elucidate these issues, a general driver modeling framework is presented in which the car-following task is highlighted (Boer, E. R., & Hoedemaeker, M. (1998). In Proceedings of the XVIIth European Annual Conference on Human Decision making and Manual Control December 14–16. France: Valenciennes; Boer, E. R., Hildreth, E. C., & Goodrich, M. A. (1998). In Proceedings of the XVIIth European Annual Conference on Human Decision making and Manual Control December 14–16. France: Valenciennes).     

Suboptimal tradeoffs in information seeking

Explicit information-seeking actions are needed to evaluate alternative actions in problem-solving tasks. Information-seeking costs are often traded off against the utility of information. We present three experiments that show how subjects adapt to the cost and information structures of environments in a map-navigation task. We found that subjects often stabilize at suboptimal levels of performance. A Bayesian satisficing model (BSM) is proposed and implemented in the ACT-R architecture to predict information-seeking behavior. The BSM uses a local decision rule and a global Bayesian learning mechanism to decide when to stop seeking information. The model matched the human data well, suggesting that adaptation to cost and information structures can be achieved by a simple local decision rule. The local decision rule, however, often limits exploration of the environment and leads to suboptimal performance. We propose that suboptimal performance is an emergent property of the dynamic interactions between cognition and the environment.     

The initial representation in reasoning towards an interpretation of conditional sentences

All accounts of human reasoning (whether presented at the symbolic or subsymbolic level) have to reckon with the temporal organization of the human processing systems and the ephemeral nature of the representations it uses. We present three new empirical tests for the hypothesis that people commence the interpretational process by constructing a minimal initial representation. In the case of if A then C the initial representation captures the occurrence of the consequent, C, within the context of the antecedent, A. Conditional inference problems are created by a categorical premise that affirms or denies A or C. The initial representation allows an inference when the explicitly represented information matches (e.g., the categorical premise A affirms the antecedent “A”) but not when it mismatches (e.g., “not-A” denies A). Experiments 1 and 2 confirmed that people tend to accept the conclusion that “nothing follows” for the denial problems, as indeed they do not have a determinate initial-model conclusion. Experiment 3 demonstrated the other way round that the effect of problem type (affirmation versus denial) is reduced when we impede the possibility of inferring a determinate conclusion on the basis of the initial representation of both the affirmation and the denial problems.     

Multi-attribute sequential search

This article describes empirical and theoretical results from two multi-attribute sequential search tasks. In both tasks, the DM sequentially encounters options described by two attributes and must pay to learn the values of the attributes. In the continuous version of the task the DM learns the precise numerical value of an attribute when she pays to view it. In the threshold version the DM learns only whether the value of an attribute is above or below a threshold that she sets herself. Results from the continuous condition reveal that DMs tended to terminate their searches too early relative to the optimal policy. The pattern reversed in the threshold condition: DMs searched for too long. Maximum likelihood comparisons of two different stochastic decision models showed that DMs under both information conditions performed in ways consistent with the optimal policies. Those offered continuous-valued attribute information did not, however, spontaneously degrade this information into binary (acceptable/unacceptable) form, despite the theoretical finding that satisficing can be a very effective and efficient search strategy.     

An experimental analysis of satisficing in saving decisions

Uncertainty of one’s future is the essential problem of saving decisions. Unlike previous experimental studies, we capture this crucial uncertainty by a scenario-based satisficing approach. Decision makers first form aspirations for a few relevant scenarios, and then search for consumption plans guaranteeing these aspirations. Our aim is to investigate whether agents make satisficing choices and, if so, how satisficing relates to optimality. We find that satisficing allocations can be reached easily when aspirations are incentivized, although aspiration levels are rather far from what optimality suggests.     

The effect of information overlap on communication effectiveness

It makes sense that the more information people share, the better they communicate. To evaluate the effect of knowledge overlap on the effectiveness of communication, participants played a communication game where the "director" identified objects to the "addressee". Pairs either shared information about most objects' names (high overlap), or about the minority of objects' names (low overlap). We found that high-overlap directors tended to use more names than low overlap directors. High overlap directors also used more names with objects whose names only they knew, thereby confusing their addressees more often than low-overlap directors. We conclude that while sharing more knowledge can be beneficial to communication overall, it can cause communication to be locally ineffective. Sharing more information reduces communication effectiveness precisely when there is an opportunity to inform-when people communicate information only they themselves know.     

How Satisficers Get Away with Murder

Traditional Consequentialism is based on a demanding principle of impartial maximization. Michael Slote's 'Satisficing Consequentialism' aims to reduce the demands of Consequentialism, by no longer requiring us to bring about the best possible outcome. This paper presents a new objection to Satisficing Consequentialism. We begin with a simple thought experiment, in which an agent must choose whether to save the lives of ten innocent people by using a sand bag or by killing an innocent person. The main aim of the paper is to demonstrate that, if it is to avoid making unreasonable demands, Satisficing Consequentialism must allow such an agent to kill. It is argued that this result is much more counter-intuitive than the fact that Maximizing Consequentialism permits agents to kill in order to produce the best consequences. The conclusion is that Satisficing Consequentialism is not an acceptable moral theory.