Rivals reloaded: Adapting to sample-based speed-accuracy trade-offs through competitive pressure

Area of Science:

• Cognitive Psychology
• Decision Science
• Metacognition

Background:

• Oversampling is common in sample-based decisions, even when speed is critical.
• Competition can reduce information search, offering potential for improved decision strategies.

Purpose of the Study:

• To investigate if competition enhances metareasoning and decision performance.
• To determine if competition is necessary for participants to leverage metareasoning opportunities.

Main Methods:

• 101 participants competed against a simulated rival in a decision-making task.
• Sample size reduction was compared between competitive and control conditions.
• The impact of observing a teammate's strategy on sample size was also examined.

Main Results:

• Participants substantially reduced their sample size when competing against a rival.
• This speed increase transferred to a non-competitive block, though strategy shifted.
• Exposure to a teammate using small samples also reduced participant sample size.

Conclusions:

• Competition can trigger metareasoning, leading to reduced information search and faster decisions.
• Competition is not the sole factor; social learning also facilitates improved decision strategies.
• Further research is needed to understand the metacognitive mechanisms driving performance improvements.