Risky choice: An examination of information acquisition behavior

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.

[1]  Paul Slovic,et al.  Effect of instruction in expected value on optimality of gambling decisions , 1969 .

[2]  N. Anderson,et al.  Information integration in risky decision making , 1970 .

[3]  John W. Payne,et al.  Preferences among gambles with equal underlying distributions , 1971 .

[4]  A. Tversky.  Elimination by aspects: A theory of choice. , 1972 .

[5]  John W. Payne,et al.  Alternative approaches to decision making under risk: Moments versus risk dimensions. , 1973 .

[6]  Larry D. Rosen,et al.  An eye fixation analysis of multialternative choice , 1975, Memory & cognition.

[7]  James Shanteau,et al.  5 – AN INFORMATION-INTEGRATION ANALYSIS OF RISKY DECISION MAKING , 1975 .

[8]  John W. Payne,et al.  Relation of perceived risk to preferences among gambles. , 1975 .

[9]  Larry D. Rosen,et al.  An eye fixation analysis of choice and judgment with multiattribute stimuli , 1976, Memory & cognition.

[10]  James R. Bettman,et al.  Patterns of Processing in Consumer Information Acquisition , 1976 .

[11]  John W. Payne,et al.  Task complexity and contingent processing in decision making: An information search and protocol analysis☆ , 1976 .

[12]  R. Ranyard,et al.  Elimination by aspects as a decision rule for risky choice , 1976 .

[13]  P. Fishburn.  Mean-Risk Analysis with Risk Associated with Below-Target Returns , 1977 .

[14]  Gordon F. Pitz,et al.  Decision Making and Cognition , 1977 .

[15]  J. Bettman,et al.  Effects of Information Presentation Format on Consumer Information Acquisition Strategies , 1977 .

[16]  B. Fischhoff,et al.  Behavioral Decision Theory , 1977 .

[17]  Richard W. Olshavsky,et al.  Task complexity and contingent processing in decision making: A replication and extension , 1979 .