Related Experiment Video
Updated: Jun 5, 2025
08:24
The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
636
Is there a description-experience gap in choices between a described and an experienced option?
Kevin E Tiede1, Wolfgang Gaissmaier2, Thorsten Pachur1
1Center for Adaptive Rationality, Max Planck Institute for Human Development.
Journal of Experimental Psychology. Learning, Memory, and Cognition
|December 12, 2024
Summary
Decision makers evaluate described and experienced options similarly when faced with mixed learning modes. This suggests a joint representation, unlike in pure description or experience conditions.
Area of Science:
- Decision science
- Cognitive psychology
- Behavioral economics
Background:
- Decision makers evaluate risky options differently based on learning mode: description vs. experience.
- Previous research highlights discrepancies between decisions from description and decisions from experience.
Purpose of the Study:
- To investigate discrepancies in decision making when choosing between a described and an experienced option.
- To compare behavior in mixed learning modes versus pure description or experience conditions.
Main Methods:
- Two experiments were conducted comparing mixed-mode (one described, one experienced option) to pure-mode conditions.
- Cumulative prospect theory's value and probability weighting functions were used to analyze subjective distortions.
- Behavioral choices and search effort were recorded.
Main Results:
- Clear differences in value and probability weighting functions were found between pure description and pure experience conditions.
- In the mixed-mode condition, no differences were observed between described and experienced options, indicating a joint representation.
- Participants' choices were not biased toward either the described or experienced option.
Conclusions:
- The evaluation of described and experienced options is influenced by the learning mode of the other option in the choice set.
- A joint representation is formed when options are learned through mixed modes, mitigating discrepancies.
- Search effort for experienced options may increase in mixed-mode decision scenarios.
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