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An R-Based Landscape Validation of a Competing Risk Model
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Risk approximation in decision making: approximative numeric abilities predict advantageous decisions under objective

Silke M Mueller1, Johannes Schiebener1, Margarete Delazer2

  • 1General Psychology: Cognition and Center for Behavioral Addiction Research (CeBAR), University of Duisburg-Essen, Forsthausweg 2, 47057, Duisburg, Germany.

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|January 23, 2018
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Summary
This summary is machine-generated.

Approximate number skills significantly predict better decision-making under risk, even when executive functions and exact math skills are considered. Accurate risk estimation is particularly important for making advantageous choices.

Keywords:
Approximate number systemDecision makingNumeracyRatio processingRisk estimation

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Area of Science:

  • Cognitive Psychology
  • Neuroscience
  • Decision Science

Background:

  • Decision-making often involves mathematical considerations, especially under objective risk.
  • Executive functions and exact numerical abilities predict advantageous choices when numerical information is available.
  • The relationship between exact and approximate numerical abilities in decision-making is not fully understood.

Purpose of the Study:

  • To investigate the impact of approximate numerical abilities on decision-making under objective risk.
  • To determine if approximate numerical skills predict advantageous choices independently of executive functions and exact numerical skills.

Main Methods:

  • 153 participants completed tasks measuring number comparison, quantity estimation, risk estimation, and decision-making using rapid dot comparisons.
  • A risky decision-making task with exact numerical information was administered.
  • Executive functions and exact numerical abilities (mental calculation, ratio processing) were also assessed.

Main Results:

  • Approximate numerical abilities significantly predicted advantageous decision-making.
  • This predictive power remained significant even after accounting for executive functions and exact numerical skills.
  • Accurate risk estimation was a key factor contributing to superior choices.

Conclusions:

  • Approximate numerical abilities play a crucial role in decision-making under objective risk.
  • Future research should explore approximation skills and approximate number processing in the context of risk.
  • Understanding approximate numerical abilities can enhance models of decision-making under risk.