Cost-Benefit Determinants of Decision Process and Accuracy |
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| Affiliation: | 1. New Mexico Clinical Research & Osteoporosis Center, Albuquerque, NM, USA;2. Columbia University College of Physicians and Surgeons, NYC, NY, USA;3. UCSF and Sutter East Bay Medical Foundation, Berkeley, CA, USA;4. University of California Los Angeles, Los Angeles, CA, USA;5. Oregon Osteoporosis Center, Portland, OR, USA;6. Mary MacKillop Center for Health Research, Australian Catholic University, Melbourne, VIC, Australia;7. University of Colorado Health Sciences Center, Denver, CO, USA;8. University of Kansas Medical Center, Kansas City, MO, USA;9. Children''s Mercy Hospital, Kansas City, MO, USA;10. University of Missouri – Kansas City, Kansas City, MO, USA;11. Swedish Medical Center, Seattle, WA, USA;12. Mercy Health Osteoporosis and Bone Health Services, Cincinnati, OH, USA;13. Massachusetts General Hospital and Harvard Medical School, Boston, MA, USA;1. Cognitive Psychology Unit, Institute of Psychology, Leiden University, Leiden, The Netherlands;2. School of Natural Sciences and Psychology, Liverpool John Moores University, UK;3. Leiden Institute for Brain and Cognition, The Netherlands;4. Social and Organizational Psychology Unit, Institute of Psychology, Leiden University, Leiden, The Netherlands;5. School of Health Sciences, University of South Australia, Adelaide, Australia;6. Cognitive Neuroscience Laboratory, University of South Australia, Adelaide, Australia;7. Research Support Department, Faculty of Social Sciences, Leiden, The Netherlands |
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| Abstract: | Both costs and benefits were manipulated in monetary terms in a business relocation task in an effort to test cost-benefit models of decision making (e.g., Beach & Mitchell, 1978). Results indicated that both information costs and awards significantly affected depth, variability, and latency of search. Effects of cost of information on decision accuracy were mediated primarily by depth of search. The strongest support for cost-benefit models of decision making consisted of the very large difference between experimental conditions and a control condition to which costs and rewards were not manipulated. Future research should further explore the importance of cost-benefit manipulations and the impact of decision process variables on decision accuracy. |
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