Perceptions of accuracy and effort of decision strategies

A critical tenet of cost-benefit theories of decision strategy choice is that decision makers’ perceptions of accuracy and effort determine strategy selection. However, little research has been conducted on human perceptions of decision strategy accuracy and effort. Instead, researchers have substituted deductively derived inferences on strategy accuracy and effort for perceptions in interpreting decision processes. In this study, we used a survey to study perceptions of decision strategies. The results indicate that participants as a group understood the accuracy and effort dimensions of decision strategies. The participants’ perceptions of the accuracy and effort of various decision strategies largely agreed with researchers’ deductions. However, there was substantial variation across individuals in perceptions of various decision strategies and in the composition of efficient frontiers of decision strategies.