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Incorporating conflicting descriptions into decisions from experience

Weiss-Cohen, L; Konstantinidis, E; Speekenbrink, M; Harvey, N; (2016) Incorporating conflicting descriptions into decisions from experience. Organizational Behavior and Human Decision Processes , 135 pp. 55-69. 10.1016/j.obhdp.2016.05.005. Green open access

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Abstract

Decisions in everyday life are commonly made using a combination of descriptive and experiential information, and these two sources of information frequently contradict each other. However, decision-making research has mostly focused on description-only or experience-only tasks. Three experiments show that individuals exposed to description and experience simultaneously are influenced by both, particularly in situations in which descriptions are in conflict with experience. We examined cognitive models of how people integrate their experience with descriptions of choice outcomes, with different weights given to each source of information. Experience was the dominant source of information, but descriptions were taken into consideration, albeit at a discounted level, even after many trials. Models that included the descriptive information fitted the human data more accurately than models that did not. Wider implications for understanding how these two commonly available sources of information are combined for daily decision-making are discussed.

Type: Article
Title: Incorporating conflicting descriptions into decisions from experience
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.obhdp.2016.05.005
Publisher version: http://doi.org/10.1016/j.obhdp.2016.05.005
Language: English
Additional information: © 2016 Elsevier Inc. All rights reserved. This manuscript version is made available under a Creative Commons Attribution Non-commercial Non-derivative 4.0 International license (CC BY-NC-ND 4.0). This license allows you to share, copy, distribute and transmit the work for personal and non-commercial use providing author and publisher attribution is clearly stated. Further details about CC BY licenses are available at http://creativecommons.org/ licenses/by/4.0. Access may be initially restricted by the publisher.
Keywords: Social Sciences, Psychology, Applied, Management, Psychology, Social, Psychology, Business & Economics, Decision-making, Decisions from experience, Reinforcement learning, Repeated decisions, Warning labels, PROSPECT-THEORY, ACTUARIAL JUDGMENT, RARE EVENTS, CHOICE, FEEDBACK, UNCERTAINTY, COMPLEXITY, LEVEL, RISK, LONG
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Experimental Psychology
URI: http://discovery.ucl.ac.uk/id/eprint/1508419
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