Risky choice: An examination of information acquisition behavior |
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Authors: | John W Payne Myron L Braunstein |
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Institution: | 1. Graduate School of Business Administration, Duke University, 27706, Durham, North Carolina 2. School of Social Sciences, University of California, 92664, Irvine, California
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Abstract: | The monitoring of information acquisition behavior, along with other process tracing measures such as response times, was used to examine how individuals process information about gambles into a decision. Subjects indicated preferences among specially constructed three-outcome gambles. The number of alternatives available was varied across the sets of gambles. A majority of the subjects processed information about the gambles in ways inconsistent with compensatory models of risky decision making, such as information integration (Anderson & Shanteau, 1970). Furthermore, the inconsistency between observed information acquisition behavior and such compensatory rules increased as the choice task became more complex. Alternative explanations of risky choice behavior are considered. |
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