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Impacts of Maximizing Tendencies on Experience-Based Decisions.

Hye Bin Rim1

  • 1Department of Industrial Psychology, Kwangwoon University, Seoul, South Korea.

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Maximizers, individuals seeking the best outcomes, show smaller description-experience gaps in risky decisions. Despite searching more information, they report lower confidence in their choices.

Keywords:
Risk perceptiondecision makingindividual differenceintelligencemaximizingmental and physical healthprospect theorysocial perceptions

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Area of Science:

  • Decision-making psychology
  • Behavioral economics
  • Risk assessment

Background:

  • A well-documented

Purpose of the Study:

  • Investigate the moderating role of maximizing tendencies on the description-experience gap in risky decision-making.
  • Examine how maximizers' information-seeking behavior influences their choices compared to non-maximizers.

Main Methods:

  • 262 participants completed four decision problems involving risky choices.
  • Data collected on information search behavior, confidence levels, and decision outcomes.
  • Analysis compared maximizers and non-maximizers on the description-experience gap.

Main Results:

  • Maximizers searched more information than non-maximizers but reported lower confidence in experienced-based decisions.
  • Maximizers exhibited significantly smaller description-experience gaps compared to non-maximizers.
  • Individual differences in maximizing tendencies influence how people bridge the gap between described and experienced risks.

Conclusions:

  • Maximizing tendencies can reduce the description-experience gap in risky decision-making, despite potential trade-offs in confidence.
  • Findings highlight the importance of individual differences in understanding decision-making under uncertainty.
  • Future research should explore the long-term consequences of these decision-making patterns.