15:00 - 16:30
Wed-B16-Talk VII-
Wed-Talk VII-
Room: B16
Chair/s:
Linus Hof
Core capacities of the mind like reasoning and decision making are exercised as responses to specific information-processing tasks. It is often assumed that these responses are strategic, taking into account resource limitations and trade-offs between the costs and quality of information-processing mechanisms. Yet, when the input information is missing, search must become part of the mind’s strategic response. This symposium features two tasks, inductive inferences and decisions under uncertainty, to highlight the strategic nature of information search (sampling). Marlene Hecht shows that if people consult their social network to make uncertain inferences, their search through the network is best described as sequential, limited, and less impactful for online contacts. Kevin Tiede presents work indicating that people increase their sampling effort to alleviate informational imbalances between described and experienced choice options. Linus Hof and Mikhail Spektor expand the symposium’s view on decisions from experience, demonstrating, for example, how sampling and integration strategies can interact to produce distinct choice patterns and psychoeconomic profiles. Doron Cohen concludes by presenting a simplified drift diffusion model. He uses the model to reconsider basic assumptions of sequential sampling approaches, which treat
information search as an evidence accumulation process. As a whole, the collection of talks suggests that our explanations of cognitive capacities and the phenomena they produce can be improved by postulating how these capacities implement a strategic information search.
Strategic information search in decisions from experience
Wed-B16-Talk VII-04
Presented by: Mikhail Spektor
Mikhail Spektor 1, Dirk Wulff 2
1 University of Warwick, 2 Max Planck Institute for Human Development
Good decisions require information. When people face a novel situation in which they make a choice but know little about the options in advance, how do they search for information? We present an analysis of over 1,000,000 information-search decisions made by over 2,500 individuals in a decisions-from-experience setting. We found that individuals solve the problem in a smart way using a toolbox of at least three strategies. In some cases, they decide how much information they want to obtain in advance and stick to that decision, irrespective of the obtained feedback. In others, they leverage sophisticated knowledge about the structure of the environment to find previously unobserved outcomes. Only after having done so do they try to reduce statistical uncertainty as proposed by existing accounts of information search. Our results highlight the need for broader theories of information-search behavior in decisions under uncertainty capturing the diversity of people's strategic toolbox.
Keywords: Information search, risky choice, strategic behavior, ecological rationality