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There are at least two kinds of probability matching: evidence from a secondary task
Authors:Otto A Ross  Taylor Eric G  Markman Arthur B
Affiliation:aDepartment of Psychology, University of Texas at Austin, 1 University Station A8000, Austin, TX 78712, United States;bDepartment of Psychology, Yale University, 2 Hillhouse Avenue, New Haven, CT 06520, United States
Abstract:Probability matching is a suboptimal behavior that often plagues human decision-making in simple repeated choice tasks. Despite decades of research, recent studies cannot find agreement on what choice strategies lead to probability matching. We propose a solution, showing that two distinct local choice strategies—which make different demands on executive resources—both result in probability-matching behavior on a global level. By placing participants in a simple binary prediction task under dual- versus single-task conditions, we find that individuals with compromised executive resources are driven away from a one-trial-back strategy (utilized by participants with intact executive resources) and towards a strategy that integrates a longer window of past outcomes into the current prediction. Crucially, both groups of participants exhibited probability-matching behavior to the same extent at a global level of analysis. We suggest that these two forms of probability matching are byproducts of the operation of explicit versus implicit systems.
Keywords:Decision-making   Probability matching   Dual systems   Heuristics and biases
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