Metacognitive sensitivity predicts the quality of information search in value-based decision making

In everyday decision making, people often need to actively search for information to construct value estimates before committing to a final choice. Effective information search relies on an accurate internal representation of uncertainty within the task environment, an ability closely linked to metacognition. However, few studies have directly examined whether metacognitive sensitivity (the ability to distinguish between good and bad options) is related to the quality of information search process in value-based decision making. Across five experiments (total N = 477), we investigated the relationship between metacognitive sensitivity and information search quality by asking participants to gather information in a multi-armed bandit task and rate confidence in their final decisions. Results showed that metacognitive sensitivity reliably predicted information search quality, including the ability to decide which information to search for (sampling quality) and when to terminate the search process (termination quality). When the working memory demands of the task were removed, the relationship between metacognitive sensitivity and termination quality persisted, whereas its association with sampling quality diminished, suggesting that sampling quality correlates with metacognitive sensitivity only when working memory is engaged during information search. Furthermore, direct training in information search did not improve metacognitive sensitivity, indicating that individual differences in metacognitive sensitivity are not merely a consequence of information search quality. These findings highlight the crucial role of metacognitive sensitivity as a predictor of efficient information search in value-based decision making.