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Processing Differences between Descriptions and Experience: A Comparative Analysis Using Eye-Tracking and

Andreas Glöckner1, Susann Fiedler, Guy Hochman

  • 1Research Group Intuitive Experts, Max Planck Institute for Research on Collective Goods Bonn, Germany.

Frontiers in Psychology
|June 19, 2012
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Summary
This summary is machine-generated.

Decisions made from experience utilize a sampling and averaging model, unlike description-based choices which involve more complex cognitive processes and Cumulative Prospect Theory.

Keywords:
description vs. experience gapevidence-accumulationeye-trackingprospect theoryrisky choicessampling

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Area of Science:

  • Cognitive psychology
  • Neuroeconomics
  • Decision science

Background:

  • Understanding the cognitive mechanisms underlying decision-making under risk is crucial.
  • Research has explored decisions from description versus decisions from experience, but direct comparisons of underlying cognitive processes are limited.

Purpose of the Study:

  • To investigate whether decisions from description and decisions from experience trigger qualitatively different cognitive processes.
  • To compare the predictive power of different computational models for each decision type.
  • To examine physiological and attentional correlates of each decision type.

Main Methods:

  • Utilized cognitive modeling to compare evidence-accumulation models and Cumulative Prospect Theory.
  • Employed eye-tracking to measure attention and fixation patterns.
  • Measured physiological arousal using psychophysiological measures.
  • Analyzed the relationship between attention, subjective weights, and decision outcomes.

Main Results:

  • Evidence-accumulation models best predicted decisions from experience, while Cumulative Prospect Theory best predicted decisions from description.
  • Physiological arousal decreased with greater expected value differences in description-based choices, but not in experience-based choices.
  • The link between attention and subjective outcome weighting was stronger for experience-based decisions.

Conclusions:

  • Decisions from experience can be modeled using a sampling-and-averaging evidence-accumulation process.
  • Description-based decisions involve more complex mechanisms not captured by the experience-based model.
  • Findings highlight distinct cognitive architectures for different modes of risky decision-making.