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Information acquisition and cognitive processes during strategic decision-making: Combining a policy-capturing study
Alice Pizzo1, Toke R Fosgaard2, Beverly B Tyler3
1Copenhagen Business School, Department of Management, Society and Communication, Frederiksberg C, Denmark.
Plos One
|December 1, 2022
Summary
This study reveals that individuals develop cognitive models to efficiently process information during policy-capturing (PC) experiments. Experience improves efficiency, and information selection aligns with decision-making evaluations.
Area of Science:
- Cognitive Psychology
- Decision Science
- Human-Computer Interaction
Background:
- Policy-capturing (PC) methodologies are used to study decision-making processes.
- A key assumption is that decision-makers develop cognitive models to manage information complexity in PC studies.
- Understanding information acquisition and cognitive processes in PC is crucial.
Purpose of the Study:
- To analyze the cognitive processes and information acquisition during policy-capturing experiments.
- To investigate the influence of experience on decision-making within PC studies.
- To compare cognitive models of students and professionals.
Main Methods:
- Utilized eye-tracking technology to monitor information acquisition.
- Employed policy-capturing (PC) methodology with student and professional samples.
- Analyzed information processing and judgment formation.
Main Results:
- Respondents demonstrated increased efficiency with practice during the PC experiment.
- Information acquisition was selective and consistent with decision evaluations.
- Despite some differences, student and professional samples showed remarkable similarities in information processing.
Conclusions:
- The study supports the assumption that cognitive models are built to handle information in PC experiments.
- The development and function of these cognitive models are not substantially affected by the sample type (students vs. professionals).
- Eye-tracking provides valuable insights into the cognitive mechanisms underlying policy-capturing.
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