Submission 271
Modeling the Impact of Self-Esteem on Valuation and Metacognition in Risky Decision Making
SymposiumTalk-02
Presented by: Sebastian Hellmann
Decision confidence is still predominantly studied in decisions with a clear notion of correctness (e.g., in perceptual and knowledge tasks). However, there is increasing interest in metacognitive judgments in preferential decisions. Risky choices - decisions between monetary lotteries - are a common paradigm in behavioral economics and decision science to investigate how people evaluate different outcomes and risks. Cumulative prospect theory (CPT) is a prominent computational model to describe how people value monetary gambles and deviate from normative behavior. Yet, few studies have examined how confidence judgments in the context of risky choice reflect this valuation. In addition, it is an open question how individual differences in general self-esteem affect the valuation of risky options and trial-level confidence judgments. We predicted that higher self-esteem is associated with a higher tendency to take risks and a generally higher confidence reports. We combined CPT with a signal-detection-based process model, which jointly describes the process generating choice and confidence judgments in a unified computational model. Using this model, we examined the effect of individual differences in self-esteem in the valuation of lotteries and how these differences also explain differences in confidence judgments. The unified CPT-SDT model revealed that the valuation of the gambles was not affected by individual differences in self-esteem. However, the value-independent bias towards risky options and general the tendency to report higher local confidence increased with higher self-esteem. These results illustrate how combining models of valuation and metacognition can help uncover distinct mechanisms linking personality traits, decision-making, and confidence.