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Related Concept Videos

Decision Making: P-value Method01:09

Decision Making: P-value Method

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The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim  is also stated. These statements can act as null and alternative hypotheses:  a null hypothesis would be a neutral statement while the alternative hypothesis can...
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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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Decision Making: Traditional Method01:14

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The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
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Reason and Intuition01:37

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The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
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Bias01:22

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Bias refers to any tendency that prevents a question from being considered unprejudiced. In research, bias occurs when one outcome or answer is selected or encouraged over others in sampling or testing. Bias can occur during any research phase, including study design, data collection, analysis, and publication.
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Related Experiment Video

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Operant Protocols for Assessing the Cost-benefit Analysis During Reinforced Decision Making by Rodents
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Deciding advantageously after flipping a coin.

Mariela E Jaffé1, Rainer Greifeneder1

  • 1Centre for Social Psychology, University of Basel, Switzerland.

Acta Psychologica
|January 25, 2022
PubMed
Summary

Flipping a coin to aid decisions can be beneficial. This strategy, by revealing your reaction to outcomes, leads to better choices and a simpler decision-making process.

Area of Science:

  • Cognitive Psychology
  • Decision Science

Background:

  • Folk wisdom suggests using coin flips to gauge reactions for undecided choices.
  • The efficacy of this decision-making strategy remains empirically unverified.

Purpose of the Study:

  • To investigate if coin flipping enhances decision-making performance.
  • To determine if this strategy impacts learning curves and subjective task experience.

Main Methods:

  • An adapted Iowa Gambling Task was employed.
  • 542 general public participants were tested, comparing coin-flip decision-making to a control group.

Main Results:

  • Coin-flip participants showed a higher probability of selecting the better option after 40 trials.
  • A steeper learning curve was observed in the coin-flip group.
Keywords:
Boosting decision makingCoin flipDecision makingIowa gambling taskRandom devices

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  • Participants using coin flips reported increased certainty and perceived task ease.

    • Conclusions:

    • Coin flipping can objectively improve decision-making outcomes.
    • Subjectively, this strategy reduces perceived task difficulty and enhances certainty.
    • This study provides empirical support for using coin flips as a decision-aid tool.