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Related Concept Videos

Decision Making01:20

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Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
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Experiencing risk: Higher-order risk attitudes in description- and experience-based decisions.

Christoph K Becker1, Eyal Ert2, Stefan T Trautmann1

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People make prudent decisions from description but not from experience. Decisions from experience are influenced by sampled mean, not skewness, revealing a prudence gap.

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Area of Science:

  • Cognitive Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Risky decisions involve uncertainty in outcomes and likelihoods, alongside inherent background risks.
  • Information collection can mitigate outcome uncertainty, but background risks remain unavoidable.
  • Understanding risk attitudes, prudence, and temperance is crucial for analyzing decision-making processes.

Purpose of the Study:

  • To investigate risk attitude, prudence, and temperance in both decisions from description and decisions from experience.
  • To identify and analyze the potential description-experience gap concerning these decision-making traits.
  • To compare the influence of sampled mean and skewness on decisions from experience versus description.

Main Methods:

  • Elicitation of risk attitude, prudence, and temperance through controlled experiments.
  • Comparison of decision-making behavior in 'decisions from description' versus 'decisions from experience' paradigms.
  • Statistical analysis to determine the influence of sampled mean and skewness on choices.

Main Results:

  • A novel description-experience gap was identified for prudence; widespread prudence observed in decisions from description was absent in decisions from experience.
  • The known description-experience gap for general risky decisions was replicated.
  • In decisions from experience, the sampled mean significantly influenced choices, whereas skewness played a lesser role compared to decisions from description.

Conclusions:

  • Decision-making under risk exhibits a significant divergence between abstract descriptions and direct experience, particularly regarding prudence.
  • Experience-based decisions are heavily weighted towards the average outcome, potentially overlooking distributional characteristics like skewness.
  • Findings highlight the need to consider the decision-making context (description vs. experience) when assessing risk preferences and behaviors.