Disentangling choice value and choice conflict in sequential decisions under risk

Area of Science:

• Cognitive Neuroscience
• Decision Science
• Behavioral Economics

Background:

• Sequential decision-making research often struggles to separate switch value from choice conflict.
• Existing paradigms for studying foraging and risk-based decisions have inherent limitations.
• The 'pig' dice game presents a model for sequential decision-making under risk.

Purpose of the Study:

• To address the challenge of disentangling switch value and choice conflict in sequential decision-making.
• To demonstrate how an extended paradigm and cognitive modeling can overcome these limitations.
• To elucidate the cognitive mechanisms underlying sequential decisions in risk-based tasks.

Main Methods:

• Simulation-based analysis of task structure.
• Two experimental studies using an extended version of the 'pig' dice game.
• Cognitive modeling to analyze decision-making processes.

Main Results:

• The proposed extended paradigm successfully disentangles switch value and choice conflict.
• Cognitive modeling provided insights into the decision-making processes within the game.
• The study identified and addressed potential pitfalls in common sequential decision-making paradigms.

Conclusions:

• The developed approach offers a robust method for studying sequential decision-making under risk.
• Understanding cognitive mechanisms requires careful consideration of task design to avoid confounding factors.
• This research provides a framework for future studies on decision-making dynamics.