Pre-decisional information search adaptation through planning and finetuning
Wed—HZ_10—Talks8—7903
Presented by: Linda McCaughey
When searching for information before making a decision one faces a fundamental trade-off. On the one hand, more information will almost always improve the decision outcome. On the other hand, spending more time, money, or effort on further information search may be more costly than that improvement is beneficial. If decision makers are adaptive, they should use their resources in information search efficiently. Using a sampling-based decision paradigm with financial costs for each observation, we conducted three main experiments to investigate whether and how participants adapt their information amount to a relevant aspect of the environment when it is announced. Experiment 1a (N = 78) and b (N = 84) focussed on adaptation to different ratios of information cost and rewards, revealing that participants are capable of adapting, but seem to do so mainly based on planning. Experiment 2 (N = 147) assessed the role of a second, fine-tuning process by varying whether participants received feedback or not. Surprisingly, this did not make a difference. Experiment 4a (N = 176) and b (N = 318) implemented different feedback types with more trials, and a different cost-payoff ratio each. This did reveal adaptation through a finetuning process over time, which was, however, still not influenced by feedback. This supports planning and finetuning as meaningful categories of adaptation, offering a framework for further investigating adaptation processes and what might hinder as well as facilitate and assist them.
Keywords: judgement and decision making, information search, adaptive decision making, sample-based decisions, decisions from experience, metacognition; learning