Is making a risky choice based on a weighting and adding process? An eye-tracking investigation

Area of Science:

• Cognitive psychology
• Decision science
• Neuroeconomics

Background:

• The process underlying risky decision-making remains debated.
• It is unclear if a weighting and adding process is universally applied to risky choices.

Purpose of the Study:

• To investigate the cognitive processes involved in single-play versus multiple-play risky choice tasks.
• To compare eye movement patterns during risky decisions with a deliberate calculation baseline.

Main Methods:

• Developed a comparative paradigm using eye-tracking.
• Compared eye movements in single-play and multiple-play risky choice tasks against a baseline weighting and adding task.

Main Results:

• Eye movements in multiple-play risky choices mirrored the baseline weighting and adding task.
• Eye movements differed significantly in single-play risky choices compared to the baseline.
• Suggests a shift from weighting and adding to heuristic processes in single-play risky decisions.

Conclusions:

• Weighting and adding processes appear relevant for multiple-play risky choices.
• Heuristic processes are more likely employed in single-play risky choices.
• Current theories may need refinement regarding heuristic use in risky decision-making.