Successful or unsuccessful search for risk defusing operators: Effects on decision behaviour

In experiments with quasi-realistic risky scenarios instead of gambles, decision makers are less interested in probability information. Often, they actively search for a risk defusing operator (RDO; an action to be performed in addition to a specific alternative and expected to decrease the risk involved). Examples in daily life are insurance and vaccination. In our experiment, the central independent variable was the successful or unsuccessful RDO search. The central dependent variables were choices and information search behaviour. In order to get information about the applied heuristics, a concurrent Thinking Aloud procedure was employed in addition to the method of Active Information Search. Eighty subjects made a choice in two risky scenarios. The findings confirm that the successful search for an RDO for one of the alternatives is an excellent predictor of choice. If the subject does not search for an RDO or the search is unsuccessful, MAXIMIN was the most frequent heuristic.