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Description- and experience-based choice: does equivalent information equal equivalent choice?

Adrian R Camilleri1, Ben R Newell

  • 1School of Psychology, University of New South Wales, Sydney 2052, Australia. acamilleri@psy.unsw.edu.au

Acta Psychologica
|December 28, 2010
PubMed
Summary
This summary is machine-generated.

People make different choices when reading about options versus experiencing them. New methods reduced this description-experience gap, showing format, not just information, impacts decisions.

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Area of Science:

  • Decision-making research
  • Cognitive psychology
  • Behavioral economics

Background:

  • Decision-making often involves choices based on descriptions versus direct experience.
  • A significant 'description-experience gap' exists, where preferences differ markedly between these formats.
  • The underlying causes of this gap remain a subject of debate.

Purpose of the Study:

  • To investigate the impact of information acquisition methods on risky choices.
  • To rigorously control for biases in experiential decision-making.
  • To determine if the description-experience gap is primarily due to information equivalence.

Main Methods:

  • Utilized novel techniques to strictly control external and internal biases in information samples.
  • Conducted experiments comparing choices from descriptions versus decisions from experience.
  • Employed sequentially acquired, non-consequential samples for experiential conditions.

Main Results:

  • A significantly diminished description-experience gap was observed in both experiments.
  • Findings suggest the gap is largely attributable to non-equivalent information at the point of choice.
  • Controlled sampling reduced the divergence in preferences between described and experienced choices.

Conclusions:

  • The manner of information acquisition critically influences decision-making.
  • The description-experience gap may be substantially reduced by ensuring information equivalence.
  • Implications for computational and theoretical models of risky choice are significant.